While the seemingly endless negotiations to revive the 2015 Iran nuclear deal - which was ended by Donald Trump in 2018 when the president reimposed heavy sanctions on Iran's economy - have gone nowhere, it appears that Iran no longer has a pressing need to get to the finish line while conceding to all US demands, for one reason: China is flagrantly flouting US-imposed sanctions blocking purchases of Iranian oil.
According to Iran's oil minister, sales of Iranian crude oil, gas condensates and petrochemical products have seen a "Staggering" rise in the past 10 months, and while he didn't thank China directly it was clear who the end buyer is: the country which continues to demonstrate to the world that it will never follow US demands when it comes to its own geopolitical interests.
Addressing lawmakers in Tehran, Javad Owji said that Iran's budget for the year to start March 21 has factored in daily oil sales of 1.2 million barrels, the ministry's official Shana news agency reported on Sunday.
The overall volume of crude and condensate stored at sea off key Asian regions fell to the lowest level since September as of Dec. 9, according to Kpler, which estimates that more than half of the oil in floating storage is from Iran and Venezuela.
Of course, the import figures from Kpler are at odds with official Chinese data, which indicate the nation hasn't taken Iranian oil since December 2020, because doing so would be a flagrant violation of US sanctions.
While China does not want to openly challenge Washington, Beijing has nonetheless been waving in Iranian oil with supplies often re-branded as originating from Oman and Malaysia.
The independents buy cargoes via third parties that normally don't own any assets in America, although China has opposed U.S. sanctions on Iran and accused Washington of reaching beyond its jurisdiction.
Tuesday, January 18, 2022
Flouting Sanctions, Iran Says Oil Sales Have Enjoyed "Staggering" Rise Over Past Year
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