Iranian oil. Illustration. (Photo: Hamara/Shutterstock)
Amidst a growing budget deficit, soaring cost of living, and fuel shortages at home, Iran's oil exports are reportedly declining significantly, depriving it of a key source of revenue, according to Iran International.
Iranian oil exports, which go almost exclusively to China, have been declining since September, due to increased phasing out of small, independent refineries considered to be low efficiency and highly polluting - but which are key to Iran's efforts to bypass American sanctions.
This is happening as President-elect Donald Trump promises to bring back the "maximum pressure" sanctions regime against Iran, which throttled Iranian oil exports before President Biden relaxed sanctions enforcement to allow more oil to go through.
