TEHRAN: Reports from Iranian state-affiliated media claim that China, North Korea, and Japan have significantly increased their imports of Iranian crude oil, marking a notable shift in global energy flows and adding fresh momentum to an already volatile oil market.
As Iranian sources report, the new demand led to an increase in oil shipments through the Strait of Hormuz, which is considered one of the major transport arteries for oil. Media sources reported that higher export volume led to lower prices on oil in the global market; preliminary estimates indicated a slight reduction in energy-related inflation in the global economy.
However, the reports have not been independently confirmed by international energy companies, according to Iranian media, they reflect changes in global trade environment caused by recent diplomatic negotiations.
The news came in the wake of reports that the United States issued a temporary authorization that allows Iran to produce, ship, and sell oil under 60-day general license. Officials from the U.S. Treasury described the decision as an effort of diplomacy to stabilize the situation in the energy markets.
As the experts put it, an increase in Iran’s oil exports can have very far-reaching ramifications for the entire supply chain if the countries in Asia decide to import more from Iran. Still, according to analysts, all these geopolitical tensions and other associated risks do not allow for any assurance of stability in this area.
For its part, Iran assures the safety and freedom of navigation of ships in the Strait of Hormuz, a crucial passage used to transport a large share of the world’s crude oil resources.
As the situation develops, energy experts will carefully monitor the consequences of the changes on the global market.
