Cyril Widdershoven, oilprice.com, has a nice piece called “Why Iran’s Return to Oil Markets Isn’t a Major Threat”, here…
“It is certainly true that Iranian volumes are no longer at historic highs, but when looking at volumes reaching markets, Iranian oil is still very visible. Oil and tanker trackers like Samir Madani and others have been showing again and again that Iranian oil exports are not only very flexible but also increasingly aggressive. The IEA reported that “China never completely stopped its purchases (of Iranian oil)”. The OECD energy watchdog also said that Iran’s estimated oil sales to China in the fourth quarter of 2020 were at 360,000 barrels a day, up from an average of 150,000 barrels per day shipped in the first nine months of last year. Just before the JCPOA discussions restarted, Iran increased exports to China to around 600,000 bpd.”
Leave a Reply