Sun. Dec 3rd, 2023
Iran’s Oil Exports Continue to Decline in October

Iran’s oil exports experienced a second consecutive monthly drop in October, according to data from Inc., a firm that analyzes satellite imagery of tanker movements. The Persian Gulf state loaded 1.43 million barrels per day (bpd) of crude and condensate onto tankers in October, which is 194,000 bpd less than September and the lowest level since July.

Tracking Iran’s oil exports is particularly challenging due to the widespread switching off of transponders that provide data for conventional tracking systems used by the shipping industry. To overcome this challenge, Inc. utilizes satellite imagery of cargo loadings to strengthen their analysis of oil flows.

The decline in Iran’s oil exports in October followed a smaller decrease of 162,000 bpd in September. In August, there was a significant increase in flows, indicating that the United States was more lenient in allowing Iran’s shipments to rise despite sanctions that were meant to restrict them.

Even before October, a decline in Iran’s exports was anticipated as demand in Asia subsided with the end of summer. Experts had suggested that Iran’s exports for the year had likely peaked.

In contrast to Iran, oil shipments from other countries increased by 550,000 bpd in October, as reported by Bloomberg’s data analysis.

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