by James Burgess, Oil Price:
As time passes Iran is becoming increasingly creative in its methods of avoiding Western sanctions and this creativity has enabled it to keep its revenues from exported petroleum products at a reasonably high level.
When European oil and shipping insurance sanctions took effect in July Iran’s crude exports more than halved as customers began to cancel their contracts, however since then, thanks to the innovative methods of Gulf-based middlemen, sale have rebounded to decent levels.
Salar moradi, an oil analyst at FACTS Global Energy, said that, “the National Iranian Oil Company has been very successful in finding new strategies to circumvent sanctions and sold its fuel oil to Asia in August and September. Now we think Middle Eastern buyers of Iranian fuel oil have reappeared.”