By Alaric Nightingale (Bloomberg) —
Iran’s oil exports dropped for a second month in October, data from a firm that analyzes satellite imagery of tanker movements show.
The Persian Gulf state loaded 1.43 million barrels a day of crude and condensate onto tankers last month, according to data provided by TankerTrackers.com Inc. That was a dip of 194,000 barrels a day from September and the lowest since July.
Keeping track of Iran’s oil exports is uniquely challenging because of widespread switching off of transponders that feed the shipping industry’s conventional tracking systems. TankerTrackers bolsters its analysis of flows by studying satellite imagery of cargo loadings.
The October decline came after a slightly smaller decrease — of 162,000 barrels a day — in September. Flows in August boomed, supporting the idea that the US was more relaxed about allowing Iran’s shipments to rise despite sanctions that should be curtailing them.
A decline in Iran’s exports was expected even before last month got under way. People with knowledge of the matter said back in September that they were likely to have peaked for this year as demand in Asia wanes with the end of summer.
Wider shipments from other nations advanced by 550,000 barrels a day last month, according to data compiled by Bloomberg.
© 2023 Bloomberg L.P.
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The cost of shipping oil in the largest tankers hit record highs this week following the biggest wave of attacks on shipping since the U.S.-Iran war began in late February.
Vessel transits via the Strait of Hormuz fell on Wednesday to seven from 12 the previous day, preliminary ship-tracking data showed on Thursday, with levels also below the 10-day average of 14.
Global tanker freight rates are surging to record levels with little respite in sight, a sign of the growing strain in oil markets as traders, shipowners, producers and buyers grapple with a drawn-out conflict in the Persian Gulf and increasingly complex workarounds.
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