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Iranian Crude Exports Slip Back in June Failing to Hold May's Surge

OIL

Iran’s June crude/condensate exports showed a decline from May’s sanction era record-high according to Vortexa confirming prior findings from Kpler and Petro Logistics. Iran exported 1.5mn bpd in May, 200kbd higher than April according to Vortexa.

  • Preliminary Kpler figures placed Iranian exports at ~1.35mn bpd in June.
  • Vortexa said they do not expect Iran to regain May’s record pace going forward because of tanker supply and production constraints.
  • The potential increased competition from Venezuela and the existing competition from Russia suggests the market could see Iranian floating storage increase since Iranian exports of crude/condensate often have to await final buyers offshore Malaysia in addition to ongoing Chinese port inspections causing barrels to build up on the water.
Energy BulletsCommodities
Energy BulletsCommodities

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