Iran could boost sales beyond China to former buyers in Japan, South Korea and Europe - Xclusiv Shipbrokers
In addition to high oil prices, if talks to revive a nuclear deal succeed, Iran could boost sales beyond China to former buyers in Japan, South Korea and Europe as they are searching for alternative sources to Russian oil, according to the Xclusiv Shipbrokers' report this week.
Oil exports from Iran increased in June and July, and analysts tracking the flows said the country could increase them even further this month by offering a deeper discount to Russian crude for its main buyer, China. During President Joe Biden's term, Iran increased oil exports, largely to China. However, shipments have slowed recently due to Russian crude competition. Market analysts estimate Iran exported around 790,000 bpd of products in June and expects shipments to reach close to 1 million bpd by the fourth quarter.
