The National Iranian Oil Company (NIOC) said on Tuesday that the official selling price (OSP) of Light grade for its Asian buyers in June will be nearly $1.8 above the Oman/Dubai average, slightly up from the previous month.

The NIOC said that the Iran Forozan grade will be available to Asian customers at $0.15 below the Oman/Dubai average in June, adding that Iran Heavy will be sold at $0.1 above the same benchmark price.

The company said that the OSP of Iran Light for customers in Northwest Europe and Southern Africa will be $0.4 above the price of North Sea Brent Crude, adding that Heavy and Forozan grades will be delivered to the same customers at $1.3 and $1.4 below the Brent price, respectively.

Iran continues to supply significant volumes of crude oil to customers in Asia and elsewhere despite US sanctions that impose heavy penalties on buyers.

Figures released by Iran’s central bank in mid-May showed that the country had exported some $67 billion worth of crude oil in the calendar year to March 20.

The figures showed that Iran’s annual oil exports had increased 19.64% from the year to March 2024 and were nearly triple the figures reported in 2021, when shipments fell significantly because of US sanctions.

Data from international tanker tracking services has pointed to a steady rise in Iran’s oil exports in recent months, another sign of failure for the US government and its so-called maximum pressure campaign, which seeks to drive Iran’s oil exports to zero.