According to statistics from seaborne oil trade analytics company Petro-Logistics, Iran’s crude oil exports increased to an average of 961,000 barrels per day (bpd) between June 1 and June 19.
According to Petro-Logistics statistics, the average crude oil exports from Iran for the month of May were 461,000 bpd.
Despite the political deadlock over the nuclear accord, Iran is prepared to re-enter the global oil market. The country has increased production and exports to its biggest market, China.
According to commentators, if Iran and the global powers strike a new agreement, the flow of Iranian oil overseas might grow by 500,000 to 1 million barrels per day.
Since the United States re-imposed sanctions on the Islamic Republic’s oil industry in 2018, when then-President Donald Trump pulled the United States out of the so-called Iranian nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA), China has been the main outlet for Iranian crude oil exports.
Most recently, Iran blamed the United States on Monday for the delayed discussions on reviving the nuclear deal.
Since 2018, China has never ceased purchasing Iranian petroleum, and the Chinese General Administration of Customs confirmed earlier this week that China did indeed purchase Iranian crude in May.
According to tanker-tracking services, China obtained 2 million barrels of Iranian petroleum last week, most likely intending to transport the oil to state stockpiles.
As per Reuters, the oil shipment would be the fourth cargo to be transferred by a tanker controlled by the National Iranian Tanker Company (NITC) to China’s state reserves since the end of last year. The shipment is also expected to be included in the June Chinese crude import data when it is revealed in July.
Works at The Truth International Magazine. My area of interest includes international relations, peace & conflict studies, qualitative & quantitative research in social sciences, and world politics. Reach@ aimen.bukhari@tti.org.pk
