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Iranian Exports Losing Momentum: Vortexa

OIL

Iran exported 1.3m b/d of crude oil and condensates in October, according to Vortexa, down 0.1m b/d on the Q3 average exports.

  • Shipments remain 0.3m b/d above the average for 2022.
  • Iran had 41.6m bbl of crude and condensate in floating storage, comprised of 75% crude and 25% condensates. This is a fall of 12m bbl in August as China tapped into some of these volumes.
  • Iranian supplies may see support from China if Venezuela’s supplies begin moving to the USA following the easing of sanctions.

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