As of December 2012, the export of crude oil from Iran increased up to the 6-month high. The major reason for the increase is an increase in the Chinese demand for crude oil as well as the help the OPEC that increase the tanker fleet.
The expert growth reached 1.4 million barrels a day. However, experts say that January’s readings will decline again amid new sanctions initiated by the USA and its allies.
For reference sake, the sanctions are mainly aimed at curbing the Iranian nuclear program. Since the introduction, the sanctions have decreased almost by half. As a result, Iran’s oil income declined by billions of dollars.
In late 2012, the export increased unexpectedly while being driven by higher steady demand from China, India and Japan.
The chart below, courtesy of , reflects the current state of affairs in the market of crude oil:
