• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 43 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 6 hours Coal Boom in Asia is Real and a Long Trend
  • 3 hours Hydrogen FTW... Some Day
  • 4 hours China's President Xi To Visit North Korea This Week
  • 17 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 10 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 7 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 6 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 10 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 8 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 7 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 12 hours As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 22 hours Britain makes it almost 12 days with NO COAL
  • 3 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
Alt Text

How Oil Defeated The Nazis

The role of crude oil…

Alt Text

Oil Sands Production To Hit 4 Million Bpd By 2030

Crude oil production from Canada’s…

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

Trending Discussions

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

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment





Oilprice - The No. 1 Source for Oil & Energy News