According to recent reports, Iran is in a strong position to sell its floating oil reserves, which have been stored near the waters of Malaysia and Singapore. These reserves, estimated to be around 120 million barrels, are now ready to be sold to the global market. With substantial discounts, these reserves have a higher chance of being processed at Chinese refineries, which could significantly boost Iran’s oil revenues in the short term.
Iran’s Success in Bypassing Sanctions
The political decisions, particularly the U.S. president’s comments on Truth Social, affirming that China can continue buying oil from Iran, signal the failure of U.S. sanctions on Iran. The statement also sends a clear message to China that the U.S. is not interested in harming China’s economy.
The Recent War with Israel; Changing Iran’s Position in the Global Oil Market
Masoud Daneshmand, a shipping industry expert and member of the Iran Chamber of Commerce, emphasized that the recent war with Israel changed Iran’s global image. He highlighted that sanctions fail over time, citing examples such as Cuba, North Korea, and Russia. Daneshmand stated that Iran has managed to remain resilient despite years of sanctions, and has regained its oil market position effectively.
Iran’s Energy Power in the Region
Daneshmand also pointed out that in the days following the war’s cessation, Iran managed to significantly boost its oil exports and sell off its stored oil reserves to China. This demonstrates Iran’s strategic maneuvering power in the energy sector and its strengthened relationship with China. With resilient infrastructure and leveraging diplomatic opportunities, Iran has regained its position as a key player in the global energy market.
Ongoing Challenges in Financial Transactions
Daneshmand also mentioned the challenges posed by FATF limitations, which have severed Iran’s connections to the global banking system. These obstacles have led to difficulties in transferring money from oil sales and purchasing goods from other countries. However, Iran has managed to overcome many of these challenges.
Source: EghtesadOnline
