Thursday , December 3 2020

Iranian oil exports are falling due to sanctions

Iranian oil exports dropped hundreds of thousands of barrels a day this month, according to Petro-Logistics Oil Tank Tracking Company, which shows that US sanctions, which began operating in Tehran earlier this month, have led many buyers away.

The company, based in Geneva, which monitors oil supplies from OPEC and other major exporters, said deliveries fell sharply in early November as customers were waiting for clarification on whether the administration would exempt sanctions.

"Exports of Iranian oil in November dropped by a few hundred thousand barrels a day compared to October levels," said Daniel Gerber, CEO of the company.

"The low volumes we saw earlier in the month are due to buyers' reluctance to plan supplies pending clarification of sanctions."

Petro-Logistics did not give an exact figure for exports in November, but acknowledged that shipments have become more ambiguous since the sanctions came into force this month.

Two other export guardians refused to declare November's figures, but a drop of several hundred thousand barrels a day reduces Iran's crude gas exports this month to nearly a million
Barrel per day according to sector export forecasts in October.

Kepler reports that in Iran exports are 1.85 million barrels per day (bpd) in October, while another Iranian consignment has announced it has exported 1.5 million barrels.

Other estimates for exports of the current month are smaller, according to data from the Renatin Haute supplies to about 100,000 barrels per day from the beginning of November to the present.

According to another source, exports are about 340 thousand barrels per day in the first half of the month, but these figures do not account for all carriers that burn the electronic tracking system used in ships, which makes them "unnoticed".

We think volumes have increased over the past week, "Gerber said.

Exports began to rise in November, thanks to US sanctions for eight buyers, allowing them to import at least a little oil for 180 days.

Shipments dropped sharply by at least 2.5 million barrels in April, before US President Donald Trump pulled the United States out of the nuclear deal between Iran and the United States.
And it reinforces sanctions on Tehran.

Iran has promised to continue exporting oil despite US efforts to cut supplies to zero.

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