Iran’s crude oil exports have increased significantly in September, tanker tracking data showed, despite economic sanctions from the US aimed to cut the Islamic Republic’s oil revenue. US sanctions had squeezed Iran’s oil exports from more than 2.5 million bpd to around 400,000 bpd. However, the recent data showed that the country exported nearly 1.5 million bpd of crude and condensate in September, the highest in a year and a half.
The data indicated that September shipments rose sharply from August’s exports which could range between 300,000 bpd and 750,000 bpd. The data also showed that most of the shipments were taken by foreign vessels via ship-to-ship transfers to mask the final destinations of the cargoes. Tanker tracking data by other providers also showed a monthly increase but not at such an extent, ranging at 100,000 bpd to 400,000 bpd.
Oil Minister Bijan Zanganeh last week said that Iran would continue efforts to boost crude exports despite US sanctions. He noted that the trade documents were forged not under Iran’s name and were changed over and over to hide the origin of Iranian cargoes.
Iran’s oil exports and production figures are hard to track because the country stops reporting its production to OPEC. Tankers bringing Iranian crude also switch off their AIS signal, making tracking them harder, shipping industry sources said.
