Iranian crude/condensate exports peaked in January 2022, but have declined in recent months as Iran competes with Russia for crude sales to its main buyer – China.

Facilitating an increase in August exports, onshore crude inventories in Iran have fallen to multi-year lows of 95mb as production stays flat. Iran’s swap agreement with Venezuela has expanded in 2022, allowing Iran to increase exports to Venezuela’s refineries, though having only a marginal impact on total Iranian exports.

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