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March 28, 2025
Chart of the Day
EOA: Despite Trump’s Threats, Iranian Crude Exports have been Rising, But…
Summary
Figure (1) shows Iran’s monthly crude oil exports since January 2022. Exports have been increasing as the Biden administration turned a blind eye to sanctions. Iranian exports suffered a setback as China’s economy slowed down. Most of Iran’s oil exports go to China. What is the impact of Trump’s enforcement of sanctions?
EOA’s Main Takeaway
We discussed the impact of Trump’s enforcement of sanctions in detail in the past. We are reposting that part below again.
Here’s the question for today: Is the decline in exports in March and the rise in Iranian floating storage the result of Trump’s enforcement of sanctions? In other words, are sanctions significantly reducing Iran’s exports under the “maximum pressure” policy? The Trump administration initially aimed to eliminate exports completely, later adjusting to “near zero” exports.