Iran’s oil market heats up in China; exports rise, sanctions remain on paper

According to Energy Press, it was on July 24 of this year that Donald Trump said on the social network “Truth Social”: China can now continue to buy oil from Iran. It was a great honor for me to make this possible. He wrote in another part of this post: China can now buy oil from Iran and I hope it will buy a lot of oil from the United States as well.
Although the truth or falsehood of this claim faces numerous ifs and buts, experts and energy market activists speak of the possibility of an increase in Iranian oil exports to the land of the yellow dragon in June.
Which US sanctions have been lifted?
About a week after Donald Trump’s tweet announcing the lifting of China’s oil sanctions was published, Reuters reported that the United States lifted a number of export restrictions to China that had previously been imposed in the context of the trade war between the United States and China, for developers of microchip software designs and ethane manufacturers.
In this regard, three of the world’s largest developers of electronic design automation software, Synopsys, the American software company Cadence Design Systems, and Siemens, announced that their access to their software and technologies they offer to customers in China has been restored.
According to Reuters, the United States also sent letters to ethane producers to formally declare the restrictions on exports to China that were imposed in late May and early June null and void.
Cost reduction and 10 percent growth in oil exports to China
Despite Trump’s previous statements in his tweet, the report does not mention Iranian oil sanctions. On the other hand, energy expert Hamid Hosseini tells the market: There has been no comment from the Chinese or even Iranian officials that indicates the truth of this claim. On the other hand, we have no information on which to test this claim. Therefore, the accuracy of this news is subject to many ifs and buts.
Of course, he claims that if the US lifts oil sanctions against Iran for China, we will see a reduction in our export costs to this country and an increase in our sales. Because currently, Iran is paying more for transportation, port costs, insurance, and of course, circumventing sanctions due to the sanctions. Apart from this, Iran is forced to sell its oil to the Chinese at discounted prices due to the sanctions. If there were no sanctions, none of these costs would have been incurred.
The spokesman for the Oil, Gas and Petrochemical Products Exporters Union, pointing out that currently the most important customers of Iranian oil are small Chinese mini-refineries, continued: If the sanctions are lifted, our customers will no longer be limited to these refineries and we will see good growth in our sales.