Iran returns to oil trade - Exports over 40 million barrels after deal with US, prices fall
Iran has exported more than 40 million barrels of oil in recent weeks, following a ceasefire with the United States, sending prices plunging. Brent crude is trading at around $71 a barrel, 40% below its peak of $118 at the height of the conflict.
Iran has exported more than 40 million barrels of crude oil since the lifting of the US naval blockade, while the price at which Iranian oil is sold is about 20% higher than before the war, said the speaker of parliament and chief Iranian negotiator, Mohammad Bagher Ghalibaf.
According to him, during the two months of the naval blockade, Iran failed to export a single barrel of oil. "Since the day the naval blockade was lifted, we have exported more than 40 million barrels of oil," he said.
The United States and Iran signed a memorandum of understanding on June 17 to end the nearly four-month conflict, reopen the Strait of Hormuz, and begin a 60-day period of negotiations to reach a permanent peace agreement.
Although there was a temporary escalation of tensions over the weekend, after Iran attacked two ships passing through the Strait of Hormuz and both sides exchanged limited strikes, the ceasefire has brought about the normalization of tanker movement in one of the world's most important energy corridors.
The shipping monitoring company TankerTrackers.com estimated that Iran has exported about 50 million barrels of crude oil since the lifting of the US blockade, a figure even higher than that reported by Iranian authorities.
The return of exports has also weighed on international markets. Brent crude was trading at around $71 a barrel, about 40% below its peak of $118 reached at the height of the conflict in April. Analysts say diplomatic progress and expectations of increased supplies from Gulf states have put downward pressure on global oil prices.
Before the war, Iranian oil was selling at a discount of $10 to $15 per barrel to Brent due to risks associated with sanctions. According to analysts, this difference has narrowed significantly since the deal between Tehran and Washington.
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