Posted on 08/29/2024 4:26:47 AM PDT by hassan.mahmoud
Iran sells its oil to China at the lowest price compared to other countries. The main reason China buys Iranian oil is its low cost. Due to sanctions, Iran has to sell its oil cheaply to attract buyers.
Malaysia is now important in Iran’s secret oil sales to China. China knows the risks of buying sanctioned oil, so it uses smaller banks with little international activity to avoid major banks. According to Vortexa Energy flow Analytic, a tanker tracking company, Iran’s daily oil and gas condensate exports have remained steady at around 1.7 million barrels in recent months. Currently, China buys over 95% of Iran’s fuel exports, with the rest going to Syria. In April 2024, Iranian government newspapers revealed that Iran was selling fuel to China at $32 per barrel, while the budgeted sales price was $80 per barrel. Buying oli from Iran also offers political benefits for China, as it helps Iran bypass sanctions, increasing political and military tensions in the Middle East, especially with the U.S.
(Excerpt) Read more at irannewswire.org ...
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