Key facts
- Iran's oil exports are continuing despite the U.S. revoking a sanctions waiver.
- The U.S. revoked the waiver following alleged Iranian attacks on commercial vessels in the Strait of Hormuz.
- Iran's oil ministry stated it has a framework to neutralize the impact of sanctions.
- Iran claims it is selling oil at a 20% premium.
- Nine sanctioned Iranian tankers were observed off Malaysia carrying crude valued at $989 million.
Iran continues to export its oil despite the recent cancellation of a U.S. waiver that had permitted such sales. Iranian Oil Minister Mohsen Paknejad stated that the country's oil ministry has developed mechanisms over years to counteract U.S. sanctions, ensuring exports proceed without interruption and at the same pace as before the waiver's termination. Paknejad criticized the U.S. for revoking the waiver, alleging a breach of commitments and a violation of an agreement. The U.S. had reinstated a naval blockade on Iranian ports and oil cargoes after the waiver's end, following alleged Iranian attacks on commercial vessels in the Strait of Hormuz. Analysts suggest Iran will continue its strategy of shipping crude to Chinese independent refiners, a tactic employed before the current hostilities. Maritime intelligence indicates that nine sanctioned Iranian tankers recently went dark off Malaysia, carrying crude valued at $989 million, predominantly destined for Chinese refineries via a laundering route.