Iranian Oil Exports Near 5 Year High in September

Iran’s October crude and condensate exports are set to hold near five-year highs hit in September, a source with knowledge of its preliminary tanker schedule said, reflecting Tehran’s success in boosting shipments after Western sanctions were lifted.

The No. 3 OPEC producer is producing around 4.5 million barrels per day (bpd) of crude and ultra light oil condensate, according to local oil officials, while it has just about doubled its total exports since sanctions targeting its nuclear program were lifted in January.

Iran is seeking to raise its crude and condensate production to more than 5 million bpd by 2020, with its deputy oil minister saying on Monday that Iran’s output was now almost sufficient to agree to the group limit planned last month by the Organization of the Petroleum Exporting Countries.

Iran’s October crude oil and condensate exports are set at 2.56 million bpd, according to the preliminary tanker schedule, down from 2.60 million bpd in September.

via Reuters

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza