Iran’s oil exports experienced a decline for the second month in a row, based on data obtained from satellite imagery of tanker movements. According to TankerTrackers.com Inc., the Persian Gulf state loaded 1.43 million barrels per day of crude and condensate onto tankers in October, which is a drop of 194,000 barrels per day compared to September. This also marks the lowest export level since July.
Monitoring Iran’s oil exports is challenging due to the widespread use of switching off transponders, which traditional tracking systems rely on. However, TankerTrackers.com Inc. supplements its analysis by studying satellite imagery of cargo loadings.
The decrease in exports for October followed a slightly smaller decline of 162,000 barrels per day in September. In August, there was a surge in exports, suggesting that the United States was more lenient in allowing Iran’s shipments to increase despite the sanctions aimed at curbing them.
Even before October, a decline in Iran’s exports was expected due to reduced demand in Asia as summer came to an end. Industry insiders had predicted that export levels would likely peak earlier in the year.
In contrast to Iran’s declining exports, other countries saw an increase in oil shipments, with a rise of 550,000 barrels per day in October, as reported by Bloomberg’s compiled data.
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