Oil Exports to Tumble to Five-Month Low

By John Lee.

Iran’s crude oil exports are expected to drop by 8 percent from November to December, according to a report from Reuters, which describes it as a sign that Iran may not be able to keep its oil production on a continued growth curve.

Total exports are expected at 1.88 million bpd this month, down from 2.04 million bpd last month.

Exports from Iran to Asia are expected to be down by 17 percent to 1.11 million bpd, their lowest level since February. All major Asian buyers except for India are cutting their Iranian crude purchases this month.

But Iran’s oil exports to Europe are set to grow 10 percent compared to November to the highest this year, 767,000 bpd, and to levels higher than those seen before stricter sanctions were imposed in 2012.

(Source: OilPrice)

No comments yet.

Leave a Reply