Iran's oil exports remain strong despite US sanctions
US sanctions against the Iranian oil industry have cut much of crude oil exports from the Islamic Republic, but exports of oil products – even under US sanctions – have kept pace even after the sanctions began, Reuters reports Monday citing shipping data and own calculations.
The sanctions have destroyed Iran's crude oil exports by about 80 percent, according to Reuters estimates. However, Iranian exports of oil products such as heating oil and liquefied petroleum gas (LPG) have remained stable in recent months, the data showed.
Total exports of LPG and fuel oil from Iran are estimated to be worth nearly $ 500 million per year. month, provided Iran does not offer its oil products at a hefty discount.
Iran's LPG exports were nearly 200,000 bd per July, worth more than $ 1[ads1]80 million, citing Reuters data from Kpler. China was the main recipient of Iranian LPG in June, taking more than 95 percent of all LPG exports from Iran, according to Kpler.
For heating oil, data from Refinitive Eikon showed that Iran's export of heating oil was up to 230,000 bpd in August from 220,000 bpd in July. All Iranian oil exports last month went to the United Arab Emirates (UAE), citing Reuters Refinitive Eikon data. Iran's fuel oil exports are estimated to be worth more than $ 300 million each month.
Last month, US Secretary of State Mike Pompeo said the United States had managed to remove most of Iranian crude oil from the market.
"We have managed to take almost 2.7 million barrels of crude oil out of the market, and denied Iran wealth to set up its terror campaign worldwide, and we have managed to keep the oil markets fully equipped," Secretary Pompeo said. [19659002IndustrySecretaryJavadZarif tweeted on August 31 a reminder to Secretary Pompeo, saying that "The United States denied us defense means: We built missiles and the United States complains. The US refused nuclear fuel for us: We got it and the US complains. Now, the United States is engaging in piracy and threats to prevent Iran from selling oil to traditional customers. Stop tolling @SecPompeo: We want to sell oil to all & all buyers. ”
By Tsvetana Paraskova for Oilprice.com
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