November 06, 2023 17:42 GMT
Iran’s Oil Exports Hit 7-month low on Buyer Apprehension: Kpler
Iranian crude oil exports fell by 0.46m b/d in October to under 1m b/d, according to Kpler ship tracking, as threats of heightened US sanctions vigilance made Chinese buyers more reticent to take barrels.
- The US House recently passed a bill aimed at punishing entities who facilitate the trade of Iranian oil — including refineries and ports. It’s not clear whether or when the upper chamber will take it up.
- Falling run rates among Chinese Teapots due to depleted import quotas could also be a factor in falling exports from Iran.
- Iranian exports in October were their lowest since March, based on Kpler data. Exports across 2023 to date have averaged 1.2m b/d.
- However, TankerTrackers’ data put Iranian exports for October higher, at 1.43m b/d, and the lowest since July, rather than March.
- Due to sanction evasion, Iranian barrels are difficult to track, raising imprecision in calculating exports.