Iran’s stockpile of uranium enriched close to weapon-grade level has increased more than 50% over the last three months, the International Atomic Energy Agency has reported. Iran ramped up production of uranium enriched to 60% levels of purity since November in defiance to being censured by the IAEA. That material can quickly be upgraded to weapon-grade levels, a concern long held by the US, Europe and Israel despite Iran’s repeated denials that its nuclear development is for military use. According to the IAEA, as of Feb. 8, Iran had 274.8 kilograms (605.8 pounds) of uranium enriched up to 60%, an increase of 92.5 kilograms (203.9 pounds) since the IAEA’slast report in November.

“The significantly increased production and accumulation of high enriched uranium by Iran, the only non-nuclear weapon state to produce such material, is of serious concern,” IAEA Director General Rafael Mariano Grossi wrote in the 14-page report seen by Bloomberg. 

Trump says he would “prefer” a new nuclear accord, though Iran’s Supreme Leader Ayatollah Ali Khamenei has ruled out talks with Washington at a time when it has intensified its maximum pressure strategy on the Islamic Republic. The Islamic Republic began enriching uranium close to the level needed for nuclear bombs in 2021, three years after Trump withdrew the U.S. from the JCPOA nuclear deal of 2015.

Meanwhile, Iran’s oil exports are expected to decline after a raft of sanctions by the U.S. Two weeks ago, President Donald Trump’s first sanctions against Iran targeted 3 vessels carrying Iranian crude to China. In the current week, the Trump administration imposed further sanctions on more than 30 people and vessels for selling and transporting Iranian petroleum-related products as part of the country’s”shadow fleet”. The growing number of oil tankers sanctioned by the United States has been limiting the availability for Iran to ship its crude

“There are only a number of tankers on the market willing to take high-risk sanctioned oil and now Iran needs to compete with Russia and Venezuela to secure them,” Muyu Xu, a senior crude oil analyst at Kpler said at a recent event.

By Alex Kimani for Oilprice.com

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