Iranian Oil Is Quietly Flooding Into the Global Market Again
- Exports highest since 2018, consultants Kpler and SVB say
- Surge complicates effort by OPEC+ to keep market balanced
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Iran is shipping the most crude in almost five years, fortifying its re-emergence on the geopolitical stage while posing risks for a fragile global crude market.
Exports have surged to the highest level since US sanctions were re-imposed in 2018, according to a range of analysts including Kpler Ltd., SVB Energy International, FGE and the International Energy Agency. The vast majority is flowing to China, as the world’s biggest importer scoops up cut-price barrels from the Islamic Republic.