A catch-up with this Bloomberg (gated) piece on Iranian oil exports:
- Exports have surged to the highest level since US sanctions were re-imposed in 2018
- vast majority is flowing to China
Bloomberg cite various analysts:
- Crude oil shipments have doubled since last autumn to reach 1.6 million barrels a day in May
- Production has hit 2.9 million barrels a day, the highest since late 2018
This adds to flows from other sanctioned states such as Russia and Venezuela, all increasing global supply and a headwind to price.