Petrologistic announced the increase of Iran’s oil exports to 961,000 barrels per day during the first days to June 19, while Iran’s LPG exports were also 4% higher than expected this year.
A marine oil trade analysis company called Petrologistic announced a significant increase in Iran’s oil exports this month.
This company’s research shows that Iran sent an average of 961,000 barrels of oil per day to the world market during the first days to June 19. Meanwhile, according to the company’s statistics, Iran’s oil exports were estimated at 461,000 barrels per day last month.
According to this report, despite the US sanctions, Iran’s oil production and export has been on the rise, and China has been the largest buyer of oil from this country.
Reuters recently announced that China imported 2 million barrels of oil from Iran last week, which will probably be unloaded in China’s state oil reserves. This shipment was sent to China by a tanker of the National Iranian Oil Company and will probably be included in the official statistics of China’s oil imports that will be published in July. Before that, the Chinese government had imported three more oil shipments from Iran for unloading in its storage tanks since the beginning of this year.
On the other hand, SP Global’s specialized database announced in a report that Iran’s total LPG exports loaded this month were 386,000 tons. Iran’s LPG exports in May had reached the highest figure since the imposition of sanctions in 2014 and 2018.
This report stated that although Iran’s LPG exports in June have almost halved compared to the previous month’s record of 859,000 tons, the recent US sanctions have not had an effect on this decrease.
On June 16, the US Treasury Department sanctioned several Chinese, Hong Kong, and UAE companies that they claimed were active in Iran’s LPG exports to Asia. Iran’s income from the export of crude oil, gas, condensate, natural gas, petroleum and petrochemical products has grown by 60% in April and May compared to the same period last year. This is the reason that America has closed Iran’s access to the global financial system.
According to this report, Iran’s average LPG export in the first 5 months of this year was 525,000 tons per month, and if we include the statistics for June, Iran’s average LPG export in the first half of this year is 520,000 tons. It will be in the month, which is more than the forecasts.
Analysts have predicted that Iran’s average monthly LPG export this year will be 500,000 tons, and in the first half of this year, Iran’s export was 4% more than expected.
Some analysts say that part of Iran’s LPG exports are indirectly exported to China through countries such as the UAE and Oman, which are not included in Iran’s export statistics.
Three Chinese sources told SP Global that the new US sanctions will not have much impact on trade between Iran and China, as Chinese importers trade with Iran based on the yuan.
According to these people, 99% of Iran’s LPG exports go to China, and very large Chinese ships carry these cargoes to China.
A Chinese source dismissed the new US sanctions against Iran’s LPG exports as insignificant and said: This is not the first time that the US has sanctioned Chinese companies due to their relationship with Iran. Their recent action in sanctioning Iran may have been done to divert American public opinion from inflation in this country’s economy.