Iran avoids oil sanctions with gas byproduct

Iran has increased the amount of oil it exports by selling oil condensate, a natural gas byproduct that is not subject to western sanctions.

In recent months, the country has exported 525,000 barrels per day of condensate, also known as ultralight oil, according to The New York Times. That is more than double the amount exported last year.

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The United States and its western allies have tried to keep Iran’s oil exports around 1 million barrels a day, but the condensate has pushed that to 1.4 million barrels a day in the first five months of this year, the Times said.

Nonetheless, American officials said the sanctions have had their desired effect because exports from Iran are still far below 2012 levels, before the sanctions. In addition, the money used to buy gas Iranian gas products must stay in the country of the purchase, limiting Iran’s use of it.

China and India account for much of the new exports, along with Syria.