LONDON : Iranian oil exports have risen to more than 1 million barrels per day for the first time in almost three years, based on estimates from companies that track the flows, reflecting increased shipments to China.
President Joe Biden's administration has discussed the imports with China but has not imposed sanctions on Chinese individuals and companies. Beijing has urged the United States to lift the sanctions on Iran, which China opposes. Consulting firm Petro-Logistics, which tracks oil flows, said Iran's crude exports surged in December to more than 1 million bpd, the highest level in almost three years, although they fell back to about 700,000 bpd in January.
The increase in Iranian exports comes as tight global supply has helped to push oil prices to a seven-year high of $94 a barrel. A lifting of U.S. sanctions would in theory allow Iran to start bringing crude exports back toward 2.5 million bpd, a rate last seen in 2018.
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