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Iran's crude exports stay subdued in January despite waivers: sources

by_alex_lawler
Iran's crude exports stay subdued in January despite waivers: sources

Iran will see its crude exports severely curtailed for a third month in January as it is struggling to find new buyers amid fresh U.S. sanctions even though its traditional customers secured waivers, according to tanker data and industry sources. Iran's crude exports in November plummeted to below 1 million barrels per day, from regular sales of 2.5 million bpd before sanctions were imposed in May, and taking them back to where they stood during the previous round of sanctions in 2012-2016. Washington later gave a fairly generous set of waivers to eight traditional Iranian oil buyers - including China, India, Japan and South Korea - to avoid a rally in oil prices, but the measure has failed to give a meaningful boost to exports.