China has offloaded nearly four million barrels of Iranian crude oil into state reserve tanks in the southern port city of Zhanjiang over the past few weeks, a trade source and ship tracking specialist Vortexa Analytics said on Thursday.
Iran's oil revenues have not only increased significantly in recent months, but also according to the CEO of the National Iranian Oil Company (NIOC), all petrodollars from the sales of Iranian crude oil have been received.
The Iranian minister of petroleum hailed a dramatic rise in the country’s sale of oil products in the past 10 months, predicting that 1.2 million barrels per day of oil will be sold in the next Iranian year (to start March 21, 2022).
The Iranian government hailed efforts by the country’s Oil Ministry to increase crude exports in recent months, saying the issue is a source of pride for a country that was subject to a series of harsh and unprecedented sanctions by the US in the past few years.
China's imports of Iranian crude oil last year hit a record high since the US imposed sanctions on the Islamic Republic in 2018 with the aim of bringing the country's oil sales down to zero, Bloomberg reported.
Head of National Iranian Oil Company (NIOC) Mohsen Khojasteh-Mehr said the country’s oil revenues have increased significantly over the past few months, as the country has received the payment for all its crude oil sales since the new government administration.
Unrest in OPEC+ member Kazakhstan has pushed up oil prices as investors fear supply interruptions, but the uranium market appears less affected despite the Central Asian country being the world's second largest producer.
The increase in OPEC’s oil output in December has again undershot the rise planned under a deal with allies, a Reuters survey found, highlighting capacity constraints that are limiting supply as global demand recovers from the pandemic.