TEHRAN: Iran’s crude oil exports are set to decline 5 per cent in November to a four-month low, a source with knowledge of its preliminary tanker schedule said, as low seasonal demand in Europe takes the edge off its post-sanctions export bonanza.
Iran’s oil exports typically hit a low around October or November each year, reflecting peak refinery maintenance seasons in Europe and in Asia. Next month, however, shipments to Asia look to be steady to higher as China’s purchases rebound from an October dip to its lowest Iran imports for the year so far. Overall, OPEC’s third-largest producer has been regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, with its exports of crude and condensate hitting a five-year high of 2.60 million barrels per day (bpd) or more in September.
Iran’s sales of crude, excluding ultra light oil condensate, are set to fall to 1.89 million bpd in November, according to the source who is familiar with the tanker schedule, down a second straight month from a crude-only five-year high of 2.14 million bpd in September. Compared with a year ago, Tehran’s November crude exports are set to rise 156 per cent, according to the source. Details on the condensate loadings for November are not yet available.
