Tehran’s crude clout is growing. From 1.03 million barrels per day (mbpd) in January 2013 to 1.25mbpd in January 2014 Iranian crude exports to its major customers, China, India, Japan and South Korea, jumped by 22 per cent during the month.

Iran’s oil exports have reportedly risen further in February, for a fourth consecutive month, providing a firm indication that Tehran’s crude exports are recovering.

The increase in February shipments is around 100,000bpd, Alex Lawler and Jonathan Saul reported quoting a tracker company, taking Iranian exports to at least 1.30mbpd for the month.

China, Iran’s largest oil client, took 564,536bpd of the crude in January 2014, up 82pc from January 2013. That jump — reported to be partly linked to data distortions as companies tend to book cargoes in advance of a week-long holiday that began on Jan 31 this year brought China’s imports back to levels before Western sanctions were applied in early 2012.

China’s average monthly imports of Iranian oil during the past three months were 29pc above the monthly average for the previous six months, according to Foreign Reports, a Washington-based energy consulting firm. And China may buy more Iranian oil in 2014 as state-run trader Zhuhai Zhenrong Corp is negotiating a new condensate contract, Reuters reported.

On the other hand, India’s imports from Iran have more than doubled in January as compared to December, 2013, reaching the highest since February 2012, as one state refiner returned from a three-month break as a buyer.

India’s oil purchase from Iran in January surged to 412,000bpd, up from 189,100bpd in December and 44pc higher than a year ago, data compiled by Reuters showed.

Foreign Reports said that average Indian imports from Iran were 53pc higher during the past three months than the previous six-month period.

And as the Iranian crude exports go up, Iran’s oil tanker fleet also seems gearing up for more business, with vessels taking to the high seas after more than a year of hibernation at home ports.

Ship-tracking sources say in recent weeks at least three Iranian super tankers had made their first trips to Asia after months at Iranian anchorages where they were storing unsold oil, Jonathan Saul reported.

These tankers can hold up to 2 million barrels of oil each.

Additionally, as part of the deal effective Jan 20, Iran has begun to receive payments from its top buyers on $4.2bn in frozen oil receipts.

Japan made the first payment of $550m on Feb 1. The second installment of $450m came from South Korea and India too has reportedly agreed to pay $1.5bn to Iran to clear part of its backlog on oil payments.

Iranian developments carry apparent implications of the move for global crude markets too.

Anticipated additional Iranian crude into the market is adding to the possibility of a glut like scenario in near future.

These developments are making few concerned people uneasy in Washington.

Some US lawmakers are expressing anxiety on rising Iranian crude sales to China and India.

Aides to two members of Congress said earlier the week that their bosses planned to raise the issue at a classified briefing by the State Department’s nuclear negotiator, Wendy Sherman, and the Treasury Department’s sanctions chief, David Cohen. Iran’s policies have thwarted its economic growth to its full potential. Former Iranian President Ayatollah Hashemi Rafsanjani has accused the Iranian government of wasting its natural resources.

At the 2025 International Symposium, Rafsanjani criticised Ahmadinejad’s (two term) government for Iran’s inability to extract its natural resources at an optimum level.

“If we had wisely extracted our energy (resources), we would be a huge power,” Rafsanjani said.

“We cannot extract our energy due to the lack of technology, and we have lost our basic resources due to the incorrect policies of the last seven to eight years.”

Due to international sanctions, many energy companies would not work with Iran in either their oil or gas extraction, both which are under performing, he stressed. Could one deny that?