Crude oil exports from Iran saw a rebound in the latter half of December, recovering from a slow start to the month, according to TankerTrackers.com, a vessel-tracking service.
The firm reported on X that Iranian crude exports sharply increased after a sluggish first half of December, although it did not provide specific figures. Notably, Iran’s crude is no longer being shipped to Syria, TankerTrackers.com added.
Before this rebound, Iranian oil exports were believed to have slowed in the final quarter of 2024. Earlier in the year, Iran had boosted its oil exports to levels not seen in six years. However, exports dropped in October and November, partly due to a narrowing discount on Iranian crude oil to Brent, which had reached its smallest gap in five years. Additionally, heightened regional tensions led to a slump in cargo loadings during October.
Reports in mid-December indicated that Iranian oil exports to China fell by 524,000 barrels per day (bpd) in November compared to October. The total amount exported to China dropped to 1.31 million bpd, the lowest in four months.
Looking ahead, Iranian Oil Minister Mohsen Paknejad said in November that Iran is prepared to face potential additional sanctions on its oil exports once President-elect Trump assumes office next year.
Meanwhile, the Islamic Revolutionary Guard Corps (IRGC), Iran’s powerful military force, has expanded its influence over the country’s oil exports. According to Western officials and Iranian insiders, the IRGC now controls about half of Iran’s oil exports, up from 20% three years ago.
Despite ongoing U.S. sanctions targeting Iran’s oil industry, the country continues to export more than 1 million bpd, mostly to China.
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