Tehran’s foreign oil sales have been limited since the then president of United States Donald Trump left in 2018 a nuclear deal and reimposed sanctions aimed at curbing crude oil exports and revenues for the Iranian government.
Iran has kept some exports flowing despite sanctions as middlemen find ways to disguise their origin. Tracking companies say China is the destination for most of those shipments.
The government of the president Joe Biden it has discussed imports with China, but has not imposed sanctions on Chinese individuals and companies. Beijing has urged the United States to lift sanctions on Iran.
Indirect talks resumed on Tuesday, under Europe’s tutelage, between Iran and the United States to revive the nuclear deal. If they are successful, the Islamic republic could openly resume its oil sales.
Iran managed to increase exports in 2021 despite the sanctions, according to estimates from industry analysts and consultants. These exports are still much lower than the 2.5 million barrels per day (bpd) from before the reimposition of sanctions.
Consulting firm Petro-Logistics, which tracks oil flows, said Iran’s crude exports rose to more than 1 million bpd in December, the highest level in nearly three years, though they fell back to about 700,000 bpd in January.
“We would not expect to see 1 million bpd on a consistent basis until there is a change in the political landscape,” said Petro-Logistics CEO Daniel Gerber.
Source: Ambito
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