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The US decision not to renew waivers permitting limited imports of Iranian crude has undeniably had a major impact. Waivers expired on 2 May and it’s clear that loadings have been dramatically curtailed.
While volumes may well pick up again in the coming months as Iran and its buyers work out how to circumvent US restrictions, that cannot be guaranteed. In the meantime, rival suppliers are looking to capitalize.
Imports of Iranian oil had risen to an eight-month high in excess of 1.8mn b/d in April but volumes for May and June will be greatly constrained as buyers fear being slapped with US sanctions. However, China which has been the largest buyer of Iranian volumes every month since November 2018, is widely expected to continue surreptitious purchases ( MEES, 31 May ). (CONTINUED - 896 WORDS)
DATA INSIDE THIS ARTICLE
|chart||China's Largest Suppliers Capitalize On Its Burgeoning Appetite For Oil Imports ('000 B/D)|
|chart||India's Purchases From Top Six Oil Buyers* Falling Due To Lost Iranian Barrels|
|chart||Korea Looks For Replacement Iranian Barrels As Us Breaks Into Top 5 Suppliers ('000 B/D)|