Iranian oil shipments amounted to about 1.6 million barrels a day on average in June and May, more than double the level of about a year ago and the highest since 2018.
In recent months, Iran’s oil exports have reached their highest level in five years, as the country has increased its sales to China and other nations, The Wall Street Journal reported Thursday.
Iranian oil shipments averaged about 1.6 million barrels a day in June and May, more than double the level of about a year ago and the highest since 2018, when the reimposition of US sanctions caused a plunge in the sector, according to the providers of data on raw materials Kpler and Petro-Logistics, quoted by the newspaper.
Tehran sees growing interest from buyers from Latin America and Africa, say traders from the Islamic Republic.
Iranian officials detail that the country offers a discount of about $30 a barrel compared to its Persian Gulf rivals, including Saudi Arabia, allowing it to compete with Russian oil.
“Increased Iranian oil supplies threaten to undo efforts by Saudi Arabia and other major crude producers to prop up prices by cutting output,” the WSJ notes.