US sanctions against Iran have not stopped oil exports, they have only changed their direction

The current US sanctions on Tehran have not really kept Iranian barrels off the market, but have changed their trajectory, Michael Wirth, a senior fellow at the Atlantic Council think tank, said in Houston.
He added: “That’s true of many sanctions that have been imposed, these restrictions have not really reduced supply, they have only changed supply routes.”
The CEO of Chevron said: Chevron, the only US producer of oil in Venezuelan oil fields, has not discussed its activities in the country with the team of US President-elect Donald Trump.
Venezuela’s oil industry has been under US sanctions since 2019. The restrictions are intended to limit the country’s oil revenues and confront Venezuelan President Nicolas Maduro in response to the results of the 2018 election and the disputed 2024 election.
Chevron has been allowed to export oil to repay unpaid dividends from joint venture partners since 2022.
Wirth said the decision was aimed at supporting U.S. policy on Venezuela and providing a better future for the country. “We are trying to stay in Venezuela while also working with the U.S. government. As other companies have left Venezuela and been replaced by companies from Russia and China, if we were to leave Venezuela, our presence there would most likely end, and that is certainly where we are engaged with them,” he said.