News ID: 253007
Published: 0247 GMT May 18, 2019

Iran’s crude exports over 250,000 bpd: Sources

Iran’s crude exports over 250,000 bpd: Sources

Iran has exported between 250,000 bpd and 500,000 bpd of oil so far in May despite US sanctions, according to two industry sources who track the flows.

Data from Refinitiv Eikon put crude shipments at about 250,000 bpd and exports of crude and condensate, a light oil, at about 400,000 bpd, Reuters reported.

The bulk of the crude is heading for Asia, the industry sources said. It is unclear who is buying and whether the oil is heading to end-users or storage.

“The destinations are essentially India and China,” one of the industry sources, who declined to be identified, said. “No more to Europe or to Turkey.”

Iranian exports have become more opaque since US sanctions returned in November.

Tehran no longer reports its production figures to the Organization of the Petroleum Exporting Countries (OPEC) and there is no definitive information on exports.

Some of Iran’s oil exports are already under the radar, making it harder to assess volumes.

The Iranian official, who is familiar with oil policy, said they are likely to continue exporting crude oil at about 400,000 to 600,000 bpd.

 

   
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