January 23, 2023 15:03 GMT
Iranian Oil Exports Increase to Highest in Four Years
Iranian oil exports are increasing and much of it appears to be heading to China at a time when the markets are concerned by the impact of further sanctions on Russia exports.
- Iranian oil exports increased to about 1.3mbpd in November, and remained largely unchanged in December, according to data from Vortexa and Kpler. Exports are near the highest in four years.
- Iran is forecast to increase shipments of crude and refined products by as much as 200kbpd this year according to FGE.
- A revival of the 2015 Iran nuclear deal and the easing of oil sanctions which would bring even more Iranian oil back onto the market appears extremely unlikely.
- Some Iranian shipments are heading to China after rebranding as shipments from Malaysia according to Bloomberg. Chinese oil imports from Malaysia surged in 2022 in attempts to disguise sanctioned barrels.