Iran's oil output and exports jumped in August despite U.S. sanctions, according to consultants and companies that track tanker shipments, as Tehran sells to buyers including China.
Analysts said the higher exports appear to be the result of Iran's success in evading U.S. sanctions and Washington's discretion in enforcing them as the two countries seek better relations.
The United States is in talks with Iran over a potential agreement in which five U.S. citizens would be released by Iran and $6 billion in Iranian funds in South Korea would be unfrozen. White House National Security Adviser Jake Sullivan hasHigh oil prices are also a political risk for Biden as the November, 2024 elections approach. More supply on the global market could keep prices down.
"We also regularly engage with other countries to strongly discourage them from taking steps that contravene sanctions on Iran," the spokesperson said.Iran has for years evaded oil sanctions through measures such as ship-to-ship transfers and "spoofing" - or manipulating GPS transponders so that ships show up in different positions - and the country is only getting better at those tactics, analysts said.
TankerTrackers.com, which assesses oil shipments, estimates Iran's crude and condensate exports averaged 1.92 million bpd in the first 27 days of August, of which the crude portion was 1.77 million bpd, in figures provided to Reuters. Kpler, a provider of flows data, expects August crude exports to average about 1.2 million bpd, down from a 2018 high of 1.54 million bpd reached in May. The company often revises up its figures.
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