Iran Oil Exports Face Challenges Despite Sanctions Relief Data

Iran's (IRN) efforts to clear oil inventories may remain difficult even after sanctions are lifted. As of June, Chinese imports of Iranian crude more than halved to approximately 654,000 barrels per day compared to May. China's overall crude imports fell 29% year-on-year in May to 7.82 million barrels per day, marking the lowest level since February 2018. OPEC+ plans to increase output by 188,000 barrels a day starting August, contributing to an expected surplus in the market.