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OIL
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.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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