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China Drives Iranian Oil Exports To Three Year High

OIL
  • Iranian oil exports have risen to more than 1 million barrels per day for the first time in almost three years.
  • China is the primary destination of Iranian oil and Beijing has repeatedly urged the US to lift sanctions on the Iranian oil industry.
  • Although sanctions remains in place Washington has been reluctant to enforce violations by Chinese individuals and firms involved in Iranian oil transactions.
  • Many analysts believe that Washington tolerates the arrangement as it provides some political stability in Tehran, alleviated some of the damage of Covid, and has help bring Iran back to the negotiating JCPOA table in Vienna.
  • Lifting of US sanctions would theoretically allow Iran to release 2.5 million bpd onto oil markets, a rate last seen in 2018.
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