Iran agreed with the United States of America to ease sanctions. This will allow the country to increase oil supplies to China.
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Bloomberg writes about it.
The publication indicates that this was done in order to keep rising fuel prices in the United States. It may also affect the supply of Russian oil to Asia, since Tehran will become more actively competing in this direction with the Russian Federation.
Washington was able to negotiate with the Iranian authorities on the exchange of arrested citizens and the slowdown in uranium enrichment, writes Bloomberg.
As a result, daily Iranian oil exports to China rose to an average of 1.5 million barrels per day, the highest since 2018.
At the same time, deliveries of Russian oil by sea over the past month decreased to 2.84 million barrels, which is 1.5 million barrels less than in mid-May. In general, its deliveries to Asia fell by 30% over this period.
Recall that in December last year, the European Union imposed an embargo on oil imports from Russia. The G7 countries and Australia have introduced a price cap of $60. per barrel for Russian oil.
Source: Racurs
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