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Iran increases oil exports while China withdraws on Russian crude oil

Iran is increasing oil exports and benefiting from a rise in oil prices as its main buyer, China, withdraws on its purchases of Russian oil due to the war with Ukraine.

Iran’s oil exports – which go almost exclusively to China except for rare supplies to Syria and Venezuela – rose to 870,000 barrels a day in the first three months of the year, a 30% increase from an average of 668,000 barrels a day throughout the year 2021, said the commodity data provider Kpler. China reduced its purchases of Russian oil by 14% in March, according to data from the Chinese Customs Administration.

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