Iran Exports Slump To 5-Year Low

Iran’s crude customers imported just 838,000 b/d from the Islamic Republic in November as swingeing US sanctions entered effect early in the month (MEES, 9 November 2018). The November figure was the second lowest in decades, and December shipments were likely lower still.

Iran’s crude customers imported just 838,000 b/d from the Islamic Republic in November as swingeing US sanctions entered effect early in the month ( MEES, 9 November 2018 ). The November figure was the second lowest in decades, and December shipments were likely lower still.

Though the US belatedly issued eight countries with six-month sanctions ‘waivers’ ( MEES, 16 November 2018 ), to a large extent this came too late for potential buyers to arrange late-2018 shipments. Whilst the indications are that January volumes will see a modest rebound, December may well have marked the lowest volumes since the aftermath of the country’s 1979 revolution, ‘beating’ the October 2013 figure of 792,000 b/d at the peak of the previous round of sanctions ( MEES, 22 November 2013 ). (CONTINUED - 682 WORDS)

DATA INSIDE THIS ARTICLE

table Imports Of Iranian Crude & Condensate ('000 B/D)
chart Imports Of Iranian Crude Oil And Condensate By Country (Mn B/D): November Volumes Collapse