Iranian oil exports to plummet in November, then rebound as buyers use waivers
Singapore/London — Iran’s oil exports have fallen sharply since US President Donald Trump said at midyear he would reimpose sanctions on Tehran, but with waivers in hand the Islamic republic’s major buyers are already planning to scale up orders again. The original aim of the sanctions was to cut Iran’s oil exports as much as possible to curb its nuclear and ballistic missile programmes and reduce its support for militant proxies, particularly in Syria, Yemen and Lebanon. But the exemptions granted to Iran’s biggest oil clients — China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey — allow them to import at least some oil for another 180 days and could mean exports start to rise after November. This group of eight buyers imported more than 80% of Iran’s roughly 2.6-million barrels per day (bpd) of oil exports last year, Refiniv Eikon data shows. “The decision by the US [to grant waivers] represents a departure, for now, from the stated aim of reducing Iran’s oil export...
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