According to Iran Daily citing the ILNA news agency, the Islamic Republic has changed tactics and shipping destinations of oil exports after the reimposition of US sanctions. Analysts believe that the Iranian Oil Ministry decided to find new routes to export oil. Any of the new tactics or destinations have not been given yet.
Currently, Iran continues to export oil and oil products. However, experts note that volumes of commodities shipped significantly reduced compared to previous months.
In May of 2018, the United States imposed oil sanctions against Iran. In November last year, it granted waivers to eight countries allowing them to temporarily import about 1 million barrels per day from Iran. Exemptions were valid until May 2, 2019. India, China, Japan, South Korea, Taiwan, Turkey, Italy, and Greece were exempted from sanctions. Last month, the US authorities refused to extend waivers. The White House believes that Saudi Arabia and other OPEC countries will ensure oil markets are fully supplied.
The International Energy Agency (IEA) reported that Iran’s oil exports fell in April 2019, to 1.1 million barrels per day, while condensate exports dropped to 1.3 million barrels per day. According to preliminary data for May of this year, shipments of oil from the Islamic Republic decreased to about 475 thousand barrels per day, with the final destinations still unknown, the IEA says.
