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Russia Iran Oil markets Sanctions
Simon Ferrie
13 September 2022
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Russian barrels continue to impact Iranian trade

The sanctioned countries are competing in a limited illicit market

Iranian crude and condensate exports have slowed this year amid stiff competition from sanctioned Russian barrels for both Chinese market share and access to those tankers willing to transport the illicit cargoes. Iran exported an average of 880,000bl/d in the second quarter, down from 980,000bl/d in the first three months of the year, according to data from cargo-tracking analytics firm Vortexa. Exports have declined in recent months, but logged a partial rebound in August to back up to more than 800,000bl/d. China remains the largest single buyer of Iranian crude, but the Middle Eastern country has seen its market share eroded by Russia. China imported an average of 500,000bl/d of crude fr

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