A number of tankers are engaging in ship-to-ship transfers of Russian crude in the Atlantic
Russian barrels continue to impact Iranian trade
The sanctioned countries are competing in a limited illicit market
Iranian crude and condensate exports have slowed this year amid stiff competition from sanctioned Russian barrels for both Chinese market share and access to those tankers willing to transport the illicit cargoes. Iran exported an average of 880,000bl/d in the second quarter, down from 980,000bl/d in the first three months of the year, according to data from cargo-tracking analytics firm Vortexa. Exports have declined in recent months, but logged a partial rebound in August to back up to more than 800,000bl/d. China remains the largest single buyer of Iranian crude, but the Middle Eastern country has seen its market share eroded by Russia. China imported an average of 500,000bl/d of crude fr
Also in this section
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
21 January 2025
The new president must put his cards on the table and tell the American people, and the world, if the US is formally abandoning the energy transition
