Did they pay the big guy 10 %?
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The US administration of Joe Biden had looked to revive the nuclear deal but it has been on ice since September last year. The US said last month said that reports of a deal with Iran were “false and misleading” and was not a current priority.
The issue has been complicated by the suspension of the administration’s Iran envoy, Robert Malley, amid reports of the mishandling of classified documents.
Reports have recently emerged suggesting the potential for some sanctions relief for Tehran,” said the IEA in its monthly oil report published on Thursday.
“If it were released from sanctions, we believe production could ramp up gradually by roughly 800 kb/d to reach capacity of 3.8 mb/d.”
Analysts say demand for Iranian crude is driven by China’s private ‘teapot’ refineries who buy the majority of its exports.
The United Arab Emirates and Syria are also significant buyers using ‘shadow fleet’ tankers engaged in hauling sanctioned crude.
The group, United Against Nuclear Iran, has identified 340 tankers that have carried Iranian crude and petroleum products since the restart of sanctions.
Data analyst Vortexa said that Iranian exports have fallen from the highs of May because of increased competition from Venezuela, which is also under US sanctions. Increased checks on elderly tankers at ports in Shandong, China, the home of many of the private refineries, has also limited Iranian exports.
Iran is exempt from Opec+ cuts announced by leading members including Saudi Arabia and Russia for July and August.
Its crude oil supply held steady in June at 3.01m barrels per day, the highest in five years. “Tehran is on course to rank as the world’s second largest source of supply growth after the United States in 2023,” said the IEA.