Iran's daily oil production in September 1405 decreased to 1,957,000 barrels, which is 99,000 barrels less than the previous month. This figure represents the lowest production level in recent reports from the Organization of the Petroleum Exporting Countries (OPEC). The average daily oil production in Iran in 1404 was about 3,260,000 barrels.
Iran's Oil Exports Reached Zero
According to data from the Vortexa energy information platform, Iran's maritime crude oil exports fell to zero in the second week of September and this situation continued until October 5. In the first two weeks of September, Iran's exports averaged 230,000 barrels per day. Additionally, the volume of Iranian oil on tankers has decreased to 83 million barrels, of which 43 million barrels are currently suspended in the Strait of Hormuz.
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Factors Behind the Decrease in Iran's Oil Production and Exports
Claire Jungman, head of marine risk and information at Vortexa, stated that the U.S. maritime blockade has effectively prevented Iranian crude oil from leaving the Persian Gulf. She also added that China no longer has an urgent need for Iranian oil as it did in the past, and Russian oil is compensating for part of this shortfall. This clearly indicates changes in the global oil market and the impact of sanctions on Iran's exports.
Vortexa's data also shows that the oil exports of Gulf Cooperation Council countries, excluding Iran, returned to over 81% of pre-war levels in September, with this increase largely attributed to the rise in Saudi Arabia's exports. The tanker tracking platform also estimated the daily oil exports of Arab countries in the region in October to be around 17,270,000 barrels.
Additionally, Vortexa reported a 48% decrease in Iran's liquefied petroleum gas exports in October compared to the previous month. Meanwhile, Russian oil constituted 80% of the total exports from Iran, Russia, and Venezuela in September, with the combined exports of these three countries reaching 4,730,000 barrels per day that month. This figure was 6,390,000 barrels in September 1404.
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