Oil edged down as US President Donald Trump’s renewed pledge to drive down the price of crude overshadowed his push for tighter Iranian sanctions.
China has been importing Iranian oil indirectly via proxies. According to StanChart, crude oil imports from Malaysia clocked in at 1.456 million barrels per day (mb/d) in June, the second-highest monthly average on record.
Crude oil prices started trade today with a dip despite the latest news around President Donald Trump who on Tuesday confirmed he would be returning to a maximum pressure approach to Iran, aiming to reduce its oil exports to zero, and said he wants the U.S. to take over the Gaza Strip and develop it.
A cold snap has forced school closures and other disruptions to public life across much of Iran, as authorities grapple with a shortage of natural gas for heating and electricity generation.
These plants only started buying Iranian crude this year after receiving guidance from the US State Department that sanctions wouldn’t be enforced by the Biden administration, according to a note from the industry consultant, which didn’t name the refiners
A recent report in Bloomberg has collected and analyzed five years of satellite images monitoring the South China Sea off Malaysia to detail something which should come as no surprise: Iran and China’s sanction-busting activity regarding Iranian oil exports has been going strong.
According to Companies House’ records, Nest Wise’s business includes the sale of petroleum and petroleum products, fuels, ores, metals and industrial chemicals. The filings also show that during the London entity’s incorporation, Dubai-based Nest Wise Petroleum LLC was the sole shareholder listed.
The U.S. federal government is considering ways of squeezing Iranian oil exports amid heightened Middle East tension following Tehran’s vow to avenge the death of Hamas leader Ismail Haniyeh.
The head of the Islamic Republic of Iran Customs Administration (IRICA) said that the country sold as much as $15.7 billion worth of crude oil in the first four months of this year 1403 in the Iranian calendar.
Iran’s Oil Minister Javad Owji has claimed a major gas import deal with Russia as the country suffers from serious power shortages, without saying how the gas can reach Iran.