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June 15th - It was learned today (June 15th) from the my country National Nuclear Corporation (CNNC) that Chinese scientists have achieved a key breakthrough in the field of stable isotope enrichment, successfully achieving for the first time the independent mass production of silicon-28 isotopes with an abundance exceeding 99.99%, with key product indicators reaching international advanced levels. This marks a substantial step forward for my country in building an independent, controllable, collaborative, and efficient stable isotope industry structure.On June 15th, in response to being summoned for talks by the State Administration for Market Regulation, Sams Club China stated, "Recently, we accepted the guidance and talks from the market supervision department. We fully acknowledge, deeply reflect upon, and sincerely accept the issues and rectification requirements pointed out by the regulatory department during the talks. We sincerely apologize for the inconvenience and trouble caused to our members." Sams Club China further stated, "Currently, the company has established a special rectification working group led by management, and immediately launched a comprehensive self-inspection and rectification campaign across all channels and the entire supply chain. We will strictly comply with relevant laws and regulations and regulatory requirements, comprehensively optimize food safety management and product quality control, strictly adhere to the bottom line of food safety, and improve the member experience. We will regularly report the rectification progress to the regulatory department and actively accept supervision from all sectors of society. We once again thank the regulatory department for its supervision and guidance, and thank our members for their trust and support."On June 15th, former Bank of Japan chief economist Seisaku Kameda stated on Monday that the US-Iran peace agreement is unlikely to change the Bank of Japans expectation of two interest rate hikes this year. With inflationary pressures intensifying, the Bank of Japan is expected to raise its short-term policy rate from 0.75% to 1% on Tuesday. Kameda stated that this would have been done in April had the Middle East war not broken out. He indicated that if the peace agreement facilitates the reopening of the Strait of Hormuz, it might alleviate some of the pressure on the Bank of Japan to raise interest rates faster than expected to curb inflation. "However, this will not change the Bank of Japans plan to normalize monetary policy by raising interest rates approximately twice a year, pushing up the still low real borrowing costs," Kameda said. He pointed out that after the June rate hike, the Bank of Japan is likely to raise rates again in October or December. Furthermore, Bank of Japan Governor Kazuo Ueda will miss the June meeting due to treatment for an infectious liver cyst in the hospital. Deputy Governor Shinichi Uchida will preside over the press conference on his behalf. Seisaku Kameda stated that Shinichi Uchida is expected to reiterate the Bank of Japans determination to continue raising interest rates, but given the continued uncertainty surrounding the situation in the Middle East, he will avoid giving a clear indication of the timing of the next rate hike.The China Earthquake Networks Center officially reported that a magnitude 3.0 earthquake occurred at 11:24 on June 15 in Linhe District, Bayannur City, Inner Mongolia (40.72 degrees north latitude, 107.35 degrees east longitude), with a focal depth of 10 kilometers.June 15 – Public consultation on Hong Kongs first Five-Year Plan began today (June 15). Secretary for Constitutional and Mainland Affairs, Tse Siu-wah, stated that the Hong Kong Five-Year Plan is of great importance and closely related to every citizen. He thanked Legislative Council members, Hong Kong deputies to the National Peoples Congress and the Chinese Peoples Political Consultative Conference, and industry representatives for their previous suggestions. The Hong Kong SAR government will hold several more consultation events to listen to opinions from all sectors and hopes for their active participation.

Without A Nuclear Deal, Iran's Exports of Oil Will Peak in 2022

Skylar Williams

Jan 16, 2023 11:02

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Despite U.S. sanctions, Iranian oil exports reached new heights in the final two months of 2022 and are off to a strong start in 2023, according to companies that track the flows, due to an increase in shipments to China and Venezuela.


In 2018, former U.S. President Donald Trump withdrew from a 2015 nuclear agreement and reimposed sanctions aimed at restricting Tehran's oil exports and the government's income from them. Since then, oil exports from Tehran have been curtailed.


According to some estimates, exports have reached their highest level since 2019 during the administration of his successor, President Joe Biden, who had advocated for the extension of the nuclear agreement. This is despite challenges such as a stalemate in negotiations and competition from discounted Russian crude.


An energy analyst, SVB International, calculated that Iran's crude exports averaged 1.137 million barrels per day in December, a 42,000 bpd increase from November and its highest expectation for 2022.


According to Sara Vakhshouri of SVB, there has been no big crackdown or action against Iran's oil exports compared to the Trump administration. The exports in January were comparable to those of recent months.


"Reduced Chinese demand and Russian supplies to China have proven to be a formidable challenge for them. It continues to send the majority of its oil to the Far East, especially China. Iran also helps Venezuela export crude oil."


The National Security Council spokesperson for the White House, Adrienne Watson, indicated that the administration's enforcement of the sanctions is thorough, and that "Iran's macroeconomic statistics clearly demonstrate this."


Watson remarked, "We have not and will not hesitate to take action against sanctions evaders, sanctions on Iran's missile and drone trade, and human rights violations against the Iranian people." Late last year, the Treasury Department sanctioned an oil smuggling organization with ties to Iran's Islamic Revolutionary Guard Corps (IRGC).


In December, according to Petro-Logistics, Iran's shipments of crude oil reached their highest level since March 2019.


Kpler, a data intelligence firm, reported that Iranian petroleum exports reached 1.23 million barrels per day (bpd) in November, the highest level since August 2022 and close on par with April 2019's output of 1.27 million bpd, before dropping to just below 1 million bpd in December.


In response to a request, the Iranian oil ministry refused to comment on shipments. This week, the semi-official Fars news agency reported that Iran's projected budget is contingent upon significantly higher oil exports of 1.4 million barrels per day.


Iran's major market is China. In order to dodge sanctions, the majority of Iran's crude exports to China are repackaged as petroleum from other nations, according to experts like FGE. Iran has previously asserted that documents concealing the origin of Iranian goods were fabricated.


Moreover, Iran extended its engagement in Venezuela, which is also subject to U.S. sanctions, by transporting light oil for refining and diluents to produce exportable crude grades.


There is no accurate data regarding Iran's oil exports, and estimates vary widely. Tracing the flows of tankers requires a number of methods, including satellite data, port loading data, and human intelligence. Iran does not release data generally.


According to another study, Vortexa, China's imports of Iranian oil reached a record high of 1.2 million bpd in December, up 130% over the previous year.


The majority of these exports arrived in Shandong, where independent refiners have changed to reduced grades since the second half of 2022 in response to sluggish local demand and diminishing refining margins, according to the business.


In response to a request for comment, China's Foreign Ministry's press department stated, "The legitimate and reasonable cooperation between China and Iran under the international legal framework deserves respect and protection," without directly addressing Reuters' question about China's record oil purchases from Iran.


The supply of Russian Urals, the major rival grade to Iranian oil, fell in December due to buyer uncertainty generated by a price cap on Russian crude exports and a prohibition by the European Union.


A renegotiated nuclear accord would let Iran to increase exports to former clients such as Europe and South Korea.


In November, Washington's special envoy for Iran warned that Tehran's crackdown on anti-government protestors and sale of drones to Russia have detracted from the pact.


As a result of Trump's withdrawal from the nuclear deal and reimposition of sanctions, Iran's oil shipments plummeted from over 2.5 million bpd in 2018 to as low as 100,000 bpd at points in 2020, according to tanker tracking services.


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