The US-Iran conflict entered a new phase after Washington imposed a maritime blockade on Iran from 13 April (MEES, 17 April). The move is intended to pressure Iran – both directly and via China, the dominant buyer of Iranian oil – into making concessions when negotiations resume (MEES, 17 April).
The blockade, if successful in choking off Iranian exports, would test the resilience of Iran’s oil sector, which has until now been largely unaffected by the conflict. While the Arab Gulf states have been unable to export through the Strait of Hormuz, Iran continued to export crude and condensates unimpeded. Exports averaged 1.8mn b/d in March, Kpler shows. Regular exports meant that Iran was able to maintain crude oil output above 3mn b/d (MEES, 10 April). (CONTINUED - 928 WORDS)
