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Iran's crude and condensate exports continue to hover around 900,000 b/d, the bulk of which still goes to China, even though the Asian giant has been buying more deeply discounted Russian crude. A senior Iranian oil official told Energy Intelligence that crude and condensate exports are estimated to have remained at levels of around 700,000 b/d and 200,000 b/d respectively in recent months. Most of that continues to head to China — Iran's only major buyer — via clandestine channels, including ship-to-ship transfers. Smaller volumes also go to Syria, while some condensate is shipped to Venezuela. The official said he believed Iran was unlikely to be offering discounts of more than $1/bbl versus discounted Russian crude because "the quality of our crude is better than Urals." Some media reports have suggested that Iran may be offering discounts of $5-$7/bbl to Russian crude. Iran is estimated to have more than 90 million bbl of crude in floating storage that it could release swiftly if an agreement were reached to revive the 2015 Iran nuclear deal and lift sanctions on its oil.

Oil Supply, Sanctions
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