Iranian crude exports have hit a five-year high in recent months as the country ships more oil to China and other buyers.
Iran’s oil exports have hit a five-year high in recent months as the country sells more to China and other countries, adding large volumes of discounted crude to a global energy market already struggling amid concerns over demand.
The surge in Iran’s oil supply threatens to upend efforts by Saudi Arabia and other major crude producers to prop up prices by cutting output. Oil’s value has fallen by about a fifth since late last year on expectations of a slowing global economy and a glut of cheap Russian cargoes.
It also shows how Iran is increasingly circumventing U.S. sanctions as the Biden administration quietly resumes talks with Tehran in a bid to win the release of American prisoners held by the Islamic Republic and curb its growing nuclear program.