Russian barrels continue to impact Iranian trade
The sanctioned countries are competing in a limited illicit market
Iranian crude and condensate exports have slowed this year amid stiff competition from sanctioned Russian barrels for both Chinese market share and access to those tankers willing to transport the illicit cargoes. Iran exported an average of 880,000bl/d in the second quarter, down from 980,000bl/d in the first three months of the year, according to data from cargo-tracking analytics firm Vortexa. Exports have declined in recent months, but logged a partial rebound in August to back up to more than 800,000bl/d. China remains the largest single buyer of Iranian crude, but the Middle Eastern country has seen its market share eroded by Russia. China imported an average of 500,000bl/d of crude fr

Also in this section
11 February 2025
Improving compliance among the group and wider group is offset by production increases in outliers Libya, Venezuela and Iran
10 February 2025
The country wants to kickstart its upstream but first needs to persuade investors to foot the bill
10 February 2025
The February 2025 issue of Petroleum Economist is out now!
7 February 2025
The history of tin production and prices offers a preview of the future oil market. If correct, $35/bl could become the new normal for crude for several years without further OPEC+ intervention