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Oil exports continue uninterrupted amid market disruption rumors, NIOC says
In an interview reported by IRNA, Bovard dismissed claims that the export and sales methods of oil products had changed and incurred losses, emphasizing, “We are pursuing both diversity and multiple supply channels for oil products in various markets, but I deny that this action has caused any loss.”
The NIOC head highlighted that, “As part of determined efforts, the representatives of the Iranian nation in the oil sector are appropriately advancing the sale of oil and oil products.” He added that the company does not feel the need “to respond to all rumors,” stressing that it aims “to keep the country’s economic light on with double efforts.”
Earlier, Oil Minister Mohsen Paknejad told reporters that the sale of Iranian oil has “never stopped” and, although fluctuating, continues strongly. He added that no oil shipments have been left unsold “on water or at sea.”
On Wednesday, Reuters, citing six trade sources, reported that discounts for Iranian oil in China have widened on record stock levels at a major refining hub and as a shortage of import quotas towards year-end hindered buying by independent processors.
Slowing demand from Chinese independent refiners in Shandong Province, known as teapots, adds to pressure on Iran to sustain its oil revenue amid Western sanctions aimed at its nuclear program, the report said.
China has bought over 90% of Iranian oil exports in the past few years, with January-August imports at an average of 1.43 million bpd, up 12% annually, according to estimates by tanker tracker Vortexa.
China defends its oil trade with Iran as conforming with international law, and describes unilateral US sanctions as illegitimate.