• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 16 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 17 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 11 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
U.S. Oil Drilling Activity Stalls

U.S. Oil Drilling Activity Stalls

The total number of active…

Canada Oil Faces Fresh Pipeline Shortage

Canada Oil Faces Fresh Pipeline Shortage

Canadian oil production could hit…

BofA: Oil Demand Growth Has Peaked

BofA: Oil Demand Growth Has Peaked

Global oil demand continues to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

What Explains The Sudden Plunge In Iranian Oil Exports?

Iran’s tracked oil exports in November plummeted by several hundred thousand barrels per day compared to October, as many Iranian customers hadn’t nominated barrels amid uncertainty whether they would get U.S. waivers to continue importing Iran’s oil after the sanctions retuned.

“Iranian crude exports so far in November are down several hundred thousand barrels per day from October levels,” Daniel Gerber, chief executive officer at tanker-tracking company Petro-Logistics, told Reuters on Thursday.

According to Petro-Logistics and many analysts, Iranian exports in early November would indeed be much lower, because many of Iran’s customers hadn’t requested any volumes for fear of breaching the U.S. sanctions in the event they failed to secure a waiver.

“The low volumes we saw in the beginning of the month were due to buyer reluctance to schedule loadings while awaiting clarity on sanctions waivers,” Petro-Logistics’ Gerber told Reuters.

On the day on which the U.S. re-imposed sanctions on Iran, Washington also announced that it was granting waivers to eight countries—including Iran’s biggest buyers China and India—to continue importing reduced volumes of oil from Tehran for another 180 days, until early May 2019.

Iran’s oil exports in October were estimated at between 1.5 million bpd and 1.85 million bpd, according to tanker-tracking company estimates, quoted by Reuters. Based on Petro-Logistics’ estimate that Iranian oil exports were down in November by several hundred thousand, Iran’s exports might have been close to 1 million bpd this month, compared to a peak of 2.5 million bpd in April this year. Related: Goldman Expects Extreme Volatility In Oil Markets This Month

However, tracking Iranian oil exports has become increasingly difficult because Iranian tankers are switching off transponders on board. Petro-Logistics CEO Gerber told Reuters that Iran’s oil trade is currently “incredibly opaque and the majority of the trade is hidden.”

“We believe that volumes have been picking up in the past week,” he said.

Meanwhile, Iran continues to strike a defiant tone, and Iranian President Hassan Rouhani said on Monday that the Islamic Republic is selling and will continue to sell its oil, with or without U.S. waivers. 

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News