Iranian oil keeps flowing ahead of expected return to ‘maximum pressure’

"Despite a substantial tightening of sanctions this year, Iran’s oil exports are headed to their highest levels since prohibitions were reimposed by the Trump administration in 2019… According to preliminary figures from New York-based advocacy group United Against Nuclear Iran, Tehran exported almost 1.6m barrels per day in November, about its average pace for the year to date... Keeping Iran’s oil flowing around the restrictions is the fleet servicing sanctioned trades, which has swelled to about 470 tankers and liquefied petroleum gas carriers, according to UANI’s latest tally. “As we’ve said in the past, the ghost fleet is huge,” UANI chief of staff Claire Jungman told Lloyd’s List. “These sanctions are having an impact but not enough yet because Iran can easily replace these vessels with others.” Also critical to keeping Iran in business is Chinese thirst for the sanctioned barrels. According to UANI, almost 92% of Iran’s exports in November were destined to China. "