US sanctions have decimated Iran’s crude exports. Products volumes for now remain robust, with Iran even planning to start gasoline shipments on the back of recent downstream expansion.

Iran’s oil minister Bijan Zanganeh says that as of 28 August Iran’s gasoline production has risen to a record 115mn liters/day (723,000 b/d), some 11mn liters/day (69,000 b/d) above current demand. “Excess output will be earmarked for export,” he says.

This tallies with...