Iran Economy NewsIran’s crude exports rise as China port blockages ease,...

Iran’s crude exports rise as China port blockages ease, IEA says

-

Bloomberg: Iran exported 66 percent more crude oil in May than in April, helped by an increase in purchases by China after congestion eased at the Asian nation’s ports, the International Energy Agency said. Bloomberg

By Nayla Razzouk & Anthony DiPaola

Iran exported 66 percent more crude oil in May than in April, helped by an increase in purchases by China after congestion eased at the Asian nation’s ports, the International Energy Agency said.

Imports of Iranian crude reported by consumers rose to the “relatively high” level of 1.39 million barrels a day from 835,000 barrels a day in April, the IEA said in its monthly oil report today. China imported 715,000 barrels a day of Iranian crude last month, almost double the 370,000 barrels it received in April when port congestion delayed deliveries and pushed off cargoes until May, the Paris-based agency said. China accounted for 51 percent of Iran’s exports in May, according to a Bloomberg News calculation based on IEA numbers for the month.

The U.S. and its allies are restricting Iran’s oil exports, the country’s largest revenue source, and targeting its financial industry to pressure the Islamic republic to stop enriching uranium. The curbs have cut Iran’s oil exports by more than half to an average of about 1 million barrels a day in the first five months of the year, according to the IEA.

The U.S. last week renewed 180-day waivers from sanctions for nine countries, including China, India and South Korea. The U.S. Congress may tighten measures against Iran and is discussing ways of making it tougher for buyers of Iranian crude to receive waivers, the IEA said. Such measures might specify more clearly how much oil from Iran buyers must forego to avoid penalties, the agency said. That would replace current “vague” definitions that buyers must show they “‘significantly reduced” purchases,” the IEA said.

Iranian crude output rose by 30,000 barrels a day in May to 2.68 million barrels a day, the IEA said. The country was holding about 30 million barrels of oil in floating storage at the end of last month, a level unchanged from April, it said.

Latest news

Iran Regime’s Response to Protests Censorship and Violence

The Iranian regime’s leadership has reacted to the ongoing wave of protests over the death of Mahsa Amini, the...

Iran’s New Generation Seeks Nothing but Regime Change

In a silly and desperate statement, the Iranian regime’s foreign minister Hossein Amir-Abdollahian claimed that nothing special is going...

Iran’s Youths Broke the Spell of Fear

One of the main characteristics of the recent protests in Iran is the courage and fearlessness of the people,...

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

What Is Happening in Iran?

Following the brutal killing of Masha Amini, the Iranian people have once again united to fight and defeat the...

Must read

UN nuclear chief says Iran crisis ‘must be defused’

AFP: UN nuclear chief Mohamed ElBaradei said Monday that...

China’s ZTE says it basically dropped Iran business

Reuters: ZTE Corp, China's second-largest telecoms equipment maker, ...

You might also likeRELATED
Recommended to you