Iran’s Crude Oil Exports Halved in One Month Amid Competition with Russia
Estimates from tanker tracking companies indicate that Iran’s crude oil and liquefied gas condensate exports have been halved due to competition with Russia in Asian markets.
Kepler, a data information company that also provides tanker tracking services, told Radio Farda that preliminary estimates show Iran’s crude oil and liquefied gas condensate loading in May was approximately 400,000 barrels per day.
This figure was 820,000 barrels in April and 908,000 barrels in March.
Russian oil exports to the West declined from the beginning of March due to sanctions resulting from the country’s military aggression against Ukraine, and Moscow increased exports to East Asian markets to compensate.
Reuters previously reported that Russia offers a $30 discount per barrel in Asian markets, which is $10 more than Iran’s discount to Asian customers, particularly China.
Reuters also reported, citing falling Iranian oil exports, that from March to mid-May, approximately 40 million barrels of Iranian oil remained stranded in eastern waters, particularly Singapore, waiting to find buyers.
Thus, nearly half of the oil loaded by Iran in March and April remained without customers.
A Kepler company official told Radio Farda that during the past month, the volume of Iran’s unsold oil in Asian waters remained around 40 million barrels, but preliminary estimates indicate that Iran’s oil loading in this month is half that of March and April.
He said the final estimate has not yet been completed and there is a possibility that Iran’s oil export levels are higher.
The Kepler company official further stated that Iran’s petroleum product exports (gas oil, fuel oil, gasoline, etc.) have remained unchanged from the beginning of January this year through May, averaging approximately 420,000 barrels per day.
Meanwhile, the organization “United Against Iran’s Nuclear Program” also recently reported that Iran’s total oil exports (crude oil, liquefied gas condensate, and petroleum products) last month reached 933,000 barrels per day, showing a one-third decline compared to March.
This organization usually obtains its statistics from the tanker tracking company Tankers Trackers, and the figures include oil, liquefied gas condensate, and petroleum product exports combined.
Given the constant volume of petroleum product exports, in fact, Iran’s crude oil and liquefied gas condensate exports, according to estimates by the “United Against Iran’s Nuclear Program” organization, were halved in May compared to March exports.
Last month, on average, 630,000 barrels of Iranian oil and petroleum products were shipped to China, 111,000 barrels to Syria, less than 40,000 barrels to the UAE, and the remainder to unknown destinations.
Source: Radio Farda
