Iran has been selling more of its crude as Saudi Arabia and Russia dial back oil production.
The nation sold 1.6 million barrels a day on average in May and June, notching a five-year record.
The surge comes as Saudi Arabia, Russia, and other OPEC+ producers take major steps to dial back oil production, with Saudi Arabia extending its 1 million barrel-a-day production cut through August, and Russia recently vowing to slash its oil production by another half million barrels a day.
Iranian suppliers have also offered steep discounts on crude relative to Saudi Arabia and even Russia, which has discounted its oil heavily since beginning its invasion of Ukraine.
Iranian oil is sold around a $30 discount per barrel compared to competitors in the Persian Gulf, officials told the Journal.
Persons:
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Organizations:
Service, Petro, Logistics, Wall Street
Locations:
Iran, Saudi Arabia, Russia, Persian, China, Syria, Venezuela, OPEC, Ukraine