Iranian oil exports have recovered almost to pre-sanctions levels, thanks to unflinching demand from China and South Korea. The spike comes amid a steady rise in oil prices thanks to US sanctions against Venezuela and renewed conflict in Libya, and a nearly four-year low in OPEC oil production.

Exports of crude and condensate from Iran increased by 12 percent in March, their highest point since before the return of US trade sanctions last November, S&P Platts, an independent energy news agency, reported. In November 2018, Iran's exports slumped to roughly 1.08 million barrels per day (bpd), but last month, they surged to 1.7 million bpd, the publication reported Tuesday, citing Platts cFlow trade flow data.

On March 21, Reuters found that Iran's exports were actually down for the month, reporting an average of 1 to 1.1 million bpd of exports, citing data produced by its Refinitiv Eikon market data analysis software. However, looking back at its reports in previous months, Eikon's estimates of Iranian oil exports are consistently lower than those provided by Platts cFlow.

Reuters' lower estimates support the narrative that US sanctions are working, and the outlet noted that "the export decline could be another indicator of economic pressure from the embargo."