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Iran’s Crude Exports at 9-Month High in October

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Iran’s crude exports in October have risen to the highest level since January, driven by Chinese buying and more crude availability for exports, Vortexa data show.

  • Iran exported 1mbpd of crude in October 2022, up by 300kbpd on the month and 100kbpd above the 12-month average.
  • Higher exports were driven by discounted prices compared to other regions, which supported Chinese buying.
  • Strikes at Iran’s Abadan refinery and the planned partial maintenance of the Isfahan refinery has meant more Iranian crude has been available for export, rather than domestic consumption.
  • Exports were also aided by the addition of two non-NITC VLCCs to the Iranian trade and a NITC VLCC departed from floating storage and partially loaded again.
  • Iran saw its first month on month onshore crude inventory stock build since May. Stocks were at 97.8mbbls in October, 1mbbls higher on the month.

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Iran’s crude exports in October have risen to the highest level since January, driven by Chinese buying and more crude availability for exports, Vortexa data show.

  • Iran exported 1mbpd of crude in October 2022, up by 300kbpd on the month and 100kbpd above the 12-month average.
  • Higher exports were driven by discounted prices compared to other regions, which supported Chinese buying.
  • Strikes at Iran’s Abadan refinery and the planned partial maintenance of the Isfahan refinery has meant more Iranian crude has been available for export, rather than domestic consumption.
  • Exports were also aided by the addition of two non-NITC VLCCs to the Iranian trade and a NITC VLCC departed from floating storage and partially loaded again.
  • Iran saw its first month on month onshore crude inventory stock build since May. Stocks were at 97.8mbbls in October, 1mbbls higher on the month.

Keep reading...Show less