Thursday, June 20, 2024

Iran’s oil exports to China hit all-time record in August: Report

Iran’s exports of oil to China hit a historic record in August despite Washington pressure on Tehran, according to a report published in the local media citing data from a major international energy data company.

The Sunday report by Fars news agency said Iran’s oil exports to China had reached an average of 1.5 million barrels per day (bpd) in August according to data released by Kpler, a French data firm based in Belgium.

The figure was the highest recorded in the history of Iran’s oil exports to China and was even higher than volumes reported before Iran came under US sanctions in 2018, added the report.

It noted that previous records in Iranian oil exports to China had been reported in February 2023 at 1.3 million bpd and in November 2022 at 1.2 million bpd.

The report estimated that Iran’s revenues from August sales of oil to China had amounted to some $3.5 billion which it said was equal to Iran’s entire oil sales to China in 2020.

The estimate was based on average prices used to trade crude oil supplies from members of the Organization of Petroleum Exporting Countries (OPEC) in August and considered the $10 discount Iran offers on those prices to make its oil grades competitive despite US sanctions.

The figures are the latest sign Iran has effectively emerged from the impacts of US sanctions on its oil industry.

Oil exports from Iran had reached as low as 0.3 million bpd in mid-2019 months after Washington toughened its sanctions on Iran by cancelling waivers given to Asian buyers of Iranian oil.

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