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Iran Bumps Up Crude Exports To Highest Level In Five Years

Iran

Iran’s crude oil exports were 2.11 million barrels per day in August—up 15 percent from July exports, according to Reuters, citing someone with knowledge of Iran’s tanker loading schedule.

The figures lend credence to Iran’s promise to return to pre-sanction production levels, despite the OPEC (and Russia) meeting on September 26-28 in Algiers that many are hoping will end with a production freeze agreement in order to quell the price freefall.

Although figures vary slightly depending on the source, crude oil exports from Iran in June were 1.9 million bpd, followed by 1.83 million bpd in July, according to tanker loading schedule data. The August figure represents a five-year high for Iran.

Iran’s export surge was made possible by India (mainly A Refinery), which took nearly 600,000 barrels per day—up about 33 percent from July levels according to Reuters—and its European customers which took 630,000 barrels per day.

Iran, OPEC’s third largest oil producer, maintains that any discussion about it freezing production at the upcoming OPEC meeting would be premature, and that pre-sanction levels would first need to be reached.

"As soon as we come back to pre-sanction levels, we will be ready to discuss quotas and level of production," Mohsen Ghamsari, director for international affairs at National Iranian Oil Company, said in an interview in Singapore. "The 4 million bpd production level is not very far from our hands. I hope by the end of 2016 or early next year, we would be able to reach that level."

OPEC’s Monthly Oil Market Report for September 2016 showed Iran’s crude oil production for August was at 3.653 million barrels per day—up from 3.631 million barrels per day in July, and between 147,000 and 347,000 barrels per day less than pre-sanction levels.

By Julianne Geiger for Oilprice.com

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  • GregS on September 17 2016 said:
    @EHL: Agreed - these folks need to switch to Disqus or another messaging format
  • Raymond P. Kot II, Esq. on September 16 2016 said:
    Barring major a new war in the Middle East, after the Colonial Pipeline is repaired, back in service and the Federal Reserve either lowers interest rates or allows them to remain unchanged (by the end of next week), we should see oil fall into the upper 30's. Essentially the ramping-up of production in Iran, Libya and Nigeria along with U.S. economy appearing on the brink of recession, there will be no way to sustain $40.00 + oil until the Northern Hemisphere's Winter draw-down season arrives. My prediction is oil falls to about $40.00 by the end of next week and into the $30's by or before the first of October.
  • EHL on September 16 2016 said:
    Such a pain to post on this site "captcha and the likes" anyway, I guess this is bad for the crooks who had all the money FLOWING there way at tax payers expense,,YES THE WORKING TAXPAYERS! WHO do you think pays for the U.S. MILITARY entanglements creating the perfect conditions for KING OIL PRICING,, and then of course the shoring up of our National Strategic Reserve @ $80+a barrel,, humorous,, wonder what it's for, it neveer relieved any pain @ the pump since that shell game began,, WHAT'S IT FOR? I know! So we can put and ENFORCE SANCTIONS ON IRAN,, IRAQ OR WHOEVER is messing with the bean counters on Wall Street!
  • John Brown on September 16 2016 said:
    There is no reason for oil to be above $30 a barrel except for the collusion of everybody involved. Oil is sloshing around all over the place, and for every drop in U.S. production there are 3 other countries pushing up their sales, or about to increase their production. Of course, when the price starts to fall we get news of a freeze on production, or talks of a freeze, and then the price stops dropping or goes up. However, its all fake. For now and the next two years or more there's no reason for oil to be above $30 a gallon, and even then the top for the next ten years is likely $50. Thanks to new technologies and new discoveries oil production can jump much faster than in the past and at much lower cost. That's not going to change.

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