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Iran's Crude Oil Exports to China Decline Amid U.S. Sanctions

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Export Decline Overview

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    Iran's crude exports to China dropped to over 1.1 million barrels daily, a 20% decrease from May 2024.

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    This represents a fall of about 400,000 bpd compared to April 2024.

Factors Influencing Exports

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    Tighter U.S. sanctions and refinery maintenance in China are contributing to the decline.

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    Complex tanker movements and tracking device shutdowns make tracing the oil's origin difficult.

Future Projections

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    Oil flows from Iran are expected to remain low due to ongoing refinery maintenance through July.

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    Chinese refiners currently have sufficient inventories of Iranian crude.

Iran-China Trade Dynamics

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    China is Iran's largest oil client, primarily utilizing private refiners for cheaper sanctioned crude.

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    Despite sanctions, both countries maintain a mutually beneficial trade relationship.

Nuclear Deal Negotiations

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    U.S. and Iran are negotiating a potential nuclear deal which could influence sanctions.

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    Iran remains resistant to halting uranium enrichment as a condition for lifting sanctions.