Iran’s crude oil exports edged up 10% in September from a 33-year low of 900,000 b/d in August. MEES estimates Iran production hit its lowest level of 2.5mn b/d in July and then climbed to 2.65mn b/d in August and to 2.75mn b/d in September (MEES, 5 October). September’s higher exports came on a slight rise in Chinese imports and the restart after a two month halt of South Korean oil trade with Iran. Overall Korean imports from Iran had dropped by 32% over the first eight months of this year compared to the year ago period.
On 2 October SK Innovation started lifting the 2mn barrels of Iran crude that it is scheduled to receive this month, while Hyundai Oilbank announced that it had offloaded 2mn barrels. Hyundai Oilbank has also chartered another 2mn barrels very large crude carrier (VLCC), Brawny, which left the Kharg Island oil terminal on 10 October for the three-week trip to South Korea. (CONTINUED - 268 WORDS)