Iranian crude liftings recover post-blockade as indirect talks with the US conclude in Doha
- Weekly crude liftings rose more than fourfold in the week after the US lifted its naval blockade on June 18. June liftings were 88% higher than May
- China remains the top destination for Iranian crude, but questions linger over how US sanctions waivers will affect teapot refiners’ access to financing
- Indirect talks between the US and Iran concluded in Doha this week, though no concrete guidance on Hormuz transits has been shared
The removal of the US naval blockade and a waiver on sanctions will allow continued flows of Iranian barrels. But a lack of demand from its key customer, China, could prove to be a challenge in restoring pre-crisis levels