“In an effort to limit short-term pressure on prices, the U.S. said buyers will have until November to stop shipments, and Washington held out the prospect of exemptions for countries that reduced their Iranian purchases significantly, without providing specifics…”
”Still, some big global buyers will need to find new supplies. Iranian oil exports amounted to about 2.7 million barrels a day in April, or almost 3% of global demand…”
”China is the biggest buyer of Iranian crude, taking more than 700,000 barrels a day in March. Chinese buyers traditionally haven’t heeded U.S. or European sanctions in the past, and aren’t expected to curtail purchases now. But they will likely need to scrutinize whether the new sanctions could ensnarl them…”
”To counter some of the lost business, Iran plans to shift up to 300,000 barrels a day of its oil exports to its domestic refineries, according to Ali Kardor, managing director of the National Iranian Oil Co., or NIOC.
It could also move volumes eastward, shipping more to China and to Russia. Moscow, under its own set of Western sanctions, started buying 100,000 barrels a day of Iranian oil in exchange for equipment and goods, according to Russian and Iranian officials. Russia refines the Iranian crude and re-exports the refined products…”
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