Iran's oil exports reached zero in the second week of September 2023. This situation has occurred while oil exports from the Gulf countries, except for Iran, have returned to over 81% of pre-war levels. The increase in Saudi Arabia's oil exports is the main factor behind this trend.
Oil Shipments Trapped in the Strait of Hormuz
Recent data shows that Iran's maritime crude oil exports this week have dropped to zero, compared to an average of 230,000 barrels per day in the first two weeks of September, and this situation is expected to continue until October 5 (13 Mehr). At the same time, the volume of Iranian crude oil on tankers at sea has decreased to 83 million barrels, of which 43 million barrels are trapped due to the U.S. blockade in the western Strait of Hormuz.
Read more: The Navy Identified a Violating Tanker in the Eastern Strait of Hormuz
Impact of Sanctions and Blockade on the Oil Market
Claire Jungman, head of maritime risk and intelligence, stated: "The blockade is doing what years of sanctions could never achieve; this blockade has effectively prevented Iranian crude oil from leaving the Persian Gulf." This situation is particularly significant as China no longer has an urgent need for Iranian oil shipments, and Russian crude has filled this gap.
Reports indicate that Iran's liquefied petroleum gas (LPG) exports have also decreased by 48% compared to the previous month, reaching their lowest level since January 2023. With the decline in Iran's oil exports, Russian oil now constitutes 80% of the total so-called 'high-risk' exports from Iran, Russia, and Venezuela.
The total exports from these three countries in September reached 4.73 million barrels per day, while this figure was 6.39 million barrels per day in September of last year. Additionally, Russian oil exports, excluding crude from the Caspian pipeline consortium and Kazakhstan's blended crude known as KEBCO, increased by 6% in September compared to the previous month, reaching 3.79 million barrels per day.
Read more: Sheikh Tamim bin Hamad Al Thani: The Closure of the Strait of Hormuz Has Made Qatar's Exports Vulnerable · Qatar's Revenues Decrease by 42% Due to Disruption in Gas Exports
