Energy consultancy FGE has said Mr Trump’s return to the White House could jeopardise up to 1 million bpd of Iran’s production and exports this year, with its base case projecting an output decline of 250,000 bdp to 300,000 bpd starting next month.
“Iranian crude remains the top choice for smaller independent [refiners in China], although the economics are waning. The current tightness and high prices are likely caused by logistical complications, rather than lower exports from Iran,” FGE said.