Why Iran's oil exports to China are surging despite Trump's 'maximum pressure'
Data from shipping analytics firm Kpler suggests Iran is offloading more crude from its floating storage off the coast of Malaysia and Singapore.
US President Donald Trump's maximum pressure campaign has done little to deter Iranian oil exports to China. As Tehran ramps up sales ahead of tighter restrictions, they could reach as high as 1.9 million barrels per day.
Tehran is selling more oil, including that stored in tankers moored off the coast of Singapore and Malaysia to China's small independent refiners known as teapot refineries.
According to Kpler, Iranian exports to China averaged 1.531 million bpd in January and 1.523 million bpd in February. However, with more oil headed for China from floating storage, Homayoun Falakshahi, a senior oil analyst at energy analytics company Kpler, told Al-Monitor that the volumes could reach a record high of 1.9 million bpd.
He added that floating storage off Singapore and Malaysia "was as high as 35 million barrels and we’ve seen that reduced to 17-18 million barrels. In short because of more sanctions on tankers since October," he added.
