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Iran Pumped 3.01mn bpd of Crude June - a Five-Year High: IEA

OIL

Iran pumped in June 3.01 million bpd of crude according to the latest IEA report – the highest in five years – adding "Tehran is on course to rank as the world’s second largest source of supply growth after the United States in 2023"

  • OPEC secondary sources placed Iranian production at 2.75mn bpd while most industry analysts placed the figures closer to 3mn bpd.
  • Iran’s oil minister placed total Iranian crude and condensate production at 3.8mn bpd last week – with 3.07mn bpd for crude and the remainder condensate.
  • Iranian crude/condensate exports left Iran at 1.3mn bpd in Jun according to Vortexa – a 200kbd decline form May’s surging pace. Kpler preliminary figures placed June exports at ~1.35mn bpd.
  • Iranina barrels are primarily flowing to China via Malaysia where they are rebranded to try and obscure sanctions.
  • Vortexa reported Iranian floating crude/condensate at 37.2mn bbls as of July 4, comprising 40% condensate and 60% crude.
Energy BulletsCommodities
Energy BulletsCommodities

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