As it controls the Strait of Hormuz, Iran is now exporting more oil than it was before the war
The Wall Street Journal reports:
Iran is exporting more oil through the Strait of Hormuz than before the war, showing it is in control of a strategic waterway that it has closed off to the rest of the region’s oil producers.
As Gulf Arab oil producers from Saudi Arabia to Iraq cut production and scramble for new routes that bypass the strait, Iran is conducting business as usual, according to data from tanker-tracking firm Kpler, throwing a financial lifeline to Tehran as it comes under blistering attack from the U.S. and Israel.
Since the war started on Feb. 28, seven tankers have loaded oil off the Iranian coast, according to Kpler. At least two of the most recent loadings are out of the Persian Gulf, Kpler said. Over the past six days, tankers have loaded a daily average of 2.1 million barrels of Iranian oil, higher than the 2 million barrels a day Iran exported in February, according to Kpler.
Iran’s export levels can vary week to week, but the recent increase shows that, unlike other producers, their shipments are unimpeded and that China hasn’t lost its appetite for Tehran’s crude. [Continue reading…]