Iran has begun to displace Russian oil from the world market – media

Russia has increased seaborne oil exports to their highest level since the beginning of the year. At the same time, maintaining these volumes will be difficult, as Iran is actively returning to the world market after the easing of US sanctions.

Bloomberg writes about this.

According to the agency, from May 24 to June 21, Russia exported an average of 3.89 million barrels of oil per day by sea. One reason for the increase could be Ukraine’s attacks on Russian oil refineries, which forced some of the raw materials to be sent for export instead of processing.

However, the situation on the world market is becoming more complicated for Moscow. After the truce between the US and Iran was reached, Washington temporarily eased sanctions, allowing Tehran to sell oil and petroleum products to third countries for two months. Additional volumes of Iranian oil are already entering the market, which for some buyers may become an alternative to Russian Urals.

Bloomberg notes that during the escalation over Iran, Russia was able to increase sales to India. However, after the change in the situation, Indian refiners may switch to other suppliers if the US does not extend the exemptions for Russian oil.

Against this backdrop, oil prices have already fallen. According to the agency, since the beginning of June, world quotes have fallen by about 16%, and the main grades of Russian oil have lost about 20% of their value. If competition for buyers intensifies, Russia will likely have to sell oil at deeper discounts, which will reduce its revenues.

Earlier, “Pryamy” reported that the talks between the US and Iran in Switzerland were under threat after US President Donald Trump’s harsh statements against Tehran. The Iranian delegation left the meeting, and the further fate of the negotiation process remains unknown at this time.

Iran also restricted the passage of ships through the Strait of Hormuz , despite signing an agreement with the United States. At the same time, the United States, according to journalists, gave Iran assurances that Israel would not intensify attacks in Lebanon.

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