Iran's crude oil exports reached zero in the second week of September 2023 due to the U.S. blockade in the Strait of Hormuz and reduced demand from China. Meanwhile, 83 million barrels of Iran's crude oil remain at sea, with 43 million barrels suspended due to this blockade in the Strait of Hormuz.
Impact of Sanctions on Iran's Oil Exports
According to available reports, Iran's maritime crude oil exports, which averaged 230,000 barrels per day at the beginning of September, have since fallen to zero, and this situation has continued until October 5. Claire Jungman, Risk and Maritime Information Manager at Vortexa, stated that this blockade has somewhat minimized the effects of previous sanctions and prevented Iran's crude oil from leaving the Persian Gulf.
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Decreased Demand from China
In addition to the blockade, decreased demand from China has also contributed to the reduction in Iran's oil exports. With Russian crude oil entering the market, China's immediate need for Iranian crude oil has diminished. This issue has fueled the declining trend in Iran's oil exports and is considered one of the main factors behind this situation.
Overall, Iran's crude oil exports have seen a significant decline compared to last year. In September, the combined crude oil exports from Iran, Russia, and Venezuela reached 4.73 million barrels per day, down from 6.39 million barrels per day in the same month last year. Additionally, Iran's liquefied gas exports have also decreased by 48% compared to the previous month, reaching their lowest level since January 2023.
In contrast, Russia's crude oil exports reached 3.79 million barrels per day, which is a 6% increase compared to the previous month. This situation indicates significant changes in the oil market and developments in the export policies of sanctioned countries.
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