Iran Oil Export Rose In Dec On Higher Shipments To China, Venezuela

Iran’s oil exports rose to the highest-level last year in December on higher shipments to China and Venezuela, according to energy consultant SVB International.

• Iranian crude oil exports averaged 1.137mbpd in Dec, up by 42kbpd from Nov and the highest level for 2022, SVB International estimates show.
• Kpler estimated Iranian crude exports at 1.23mbpd in Nov, the highest since Aug 2022 and almost on a par with spring 2019's rate of 1.27mbpd, although they slipped to just below 1mbpd in Dec.
• Iran's draft state budget is based on even higher shipments of 1.4mbpd, Fars news said.
• "Lower Chinese demand and Russia's supply to China have been a major challenge for them. Most of its oil still goes to the Far East, ultimately China. Iran also helps Venezuela to export its oil," Sara Vakhshouri of SVB said.
• The country’s oil exports have been limited since the former US President in 2018 exited a 2015 nuclear accord and reimposed sanctions.
• Exports have risen during the term of President Joe Biden, who had sought to revive the nuclear deal, and hit the highest since 2019 on some estimates.
• Iranian officials have told Syria they would now have to pay more for additional shipments of oil, which will double the price to a market rate of more than $70/bbl, the Wall Street Journal reported.