US Sanctions Fail to Halt Iran Oil Exports
The Iranian oil market has seen significant changes in recent years due to US sanctions. The country's oil exports have dropped dramatically, from 2.5 million barrels per day in April 2018 to less than 300,000 bpd in May of this year.
Despite these sanctions, Iran continues to sell its oil, albeit at a lower price and in smaller quantities. According to Al Arabiya English's analysis, the country has managed to find buyers for its oil in several countries, including China, India, Turkey, and South Korea.
The main buyers of Iranian oil are not officially disclosed by the government, but industry experts believe that these countries have been able to negotiate better prices with Tehran due to their economic importance. For instance, China has secured a 20% discount on its purchases of Iranian crude oil.