Sanctions have barely affected Iran’s exports of oil products, primarily fuel oil used for power generation and shipping as well as liquefied petroleum gas used as cooking gas and petrochemical feed
Refinitiv Eikon data shows Iran exported more than 230 000 bpd of fuel oil in August, all to the United Arab Emirates, slightly above July’s figure of 220 000 bpd. At current prices and assuming Iran is not selling at a big discount, such sales generate over $300 million a month. “The irony is: if not for the US-China trade war, the US would have greatly benefited from this uptick in Chinese demand as a means of mopping up its overabundance of LPG supplies, thanks to shale,” she added.
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