Iran’s oil exports total 2.20 Mmbpd in first 2 weeks of October

Kallanish Energy – Iranian crude oil and condensate exports averaged 2.20 million barrels per day (Mmbpd) in the first two weeks of October, an increase of 195,618 Bpd over the full month of September, Kallanish Energyreports.

According to data released by online monitoring service, the volume is based on the first 13 days of the month, due to delays caused by AIS manipulation during maritime transportation.

In September, an average of 2 Mmbpd was tracked by the service.

In the period of Oct. 1-13, the Opec member exported 28.64 million barrels (Mmbbl), according to Considering Brent oil prices at an average of $81.22/Bbl, the country has generated some $2.50 billion in revenue in just two weeks.

As U.S. sanctions against Tehran approach, the world is closely watching what is already happening and what may come after Nov. 4 – the deadline for countries/companies to halt business with Iran. The Trump administration has vowed to reduce to zero Iranian exports and apply harsh secondary sanctions on those who continue purchasing Iranian oil.

As reported by Kallanish Energy, Iran is tricking the system by switching off their vessels’ transponders whenever arriving in or leaving Iranian waters. The “ghost ships” are hiding a great amount of crude, which is then reported as lost barrels, helping prop up crude prices on fears of a faster-than-expected supply disruption.

The data showed China remains Iran’s largest buyer – taking some 877,239 Bpd, or 39.83% of the total exports in the period. India followed, importing some 707,922 Bpd, or 32.14% of sales.

Reuters reported on Oct. 15 Iran exported close to 1.5 Mmbpd in the first two weeks of October. “That is a sharp drop from from 2.5 Mmbpd in April before U.S. President Donald Trump … ordered the re-imposition of sanctions,” the report said, noting the faster-than-expected fall was supporting higher oil prices.