• 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
  • 36 mins 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
  • 9 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 OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 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
  • 2 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day 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"
Red Sea Crisis and OPEC+ Cuts Support Oil Prices

Red Sea Crisis and OPEC+ Cuts Support Oil Prices

Brent Crude prices have held…

Carbon Nitride: A Breakthrough in Material Science

Carbon Nitride: A Breakthrough in Material Science

University of Edinburgh scientists have…

Iran’s Oil, Condensate Exports Plunge In August

Iran’s crude oil and condensate exports are set to drop to a total of 64 million barrels this month, or 2.06 million bpd—the first time that monthly crude and ultra-light oil shipments out of Iran will have fallen below 70 million barrels since April 2017, according to preliminary trade flows data by Thomson Reuters Eikon.

The August shipments of Iran’s crude oil and condensate are on pace to average 2.06 million bpd, which compares with a peak of 92.8 million barrels, or 3.09 million bpd, for April this year, the month before the U.S. withdrew from the Iran nuclear deal and reinstated sanctions on Tehran. The first round of U.S. sanctions kicked in earlier this month, while the sanctions on Iran’s oil exports—which the U.S. targets to bring to ‘zero’—will snap back in early November.

The key Iranian customers have all scaled back loadings in August, with top client China expected to see 18.4 million barrels coming in from Iran this month, down from the highest monthly volume this year, 24 million barrels set in July, Reuters data showed.

Iran’s exports to India plunged to 8.2 million barrels, down from more than 20 million barrels in the previous months, according to the data, but the destination of some 11 million barrels of Iranian oil is yet to be identified, so Indian imports may be higher than 8.2 million barrels this month. Japan is cutting imports for a second consecutive month, while also for a second month in a row, South Korea is not importing Iranian oil.

Related: Which Refiners Win From Strict Fuel Regulations?

Between August 1 and 16, Iran’s exports plunged by 600,000 bpd compared to July loadings, Platts preliminary tanker tracking data showed earlier this month. Iranian oil exports averaged 1.68 million bpd in the first half of August. This compares to average exports of 2.32 million bpd in the whole month of July, and to 2.10 million bpd in the first 16 days in July, according to S&P Global Platts estimates.

Aiming to retain its current customers, Iran is slashing its official selling prices (OSPs) for its flagship crude grades to multi-year lows compared to similar varieties of the Saudi crude grades.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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