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Graphic shows Iranian oil exports in 2018 and latest estimates of the effect of U.S. sanctions.
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إيران تتهرب من العقوبات النفطية

December 17, 2018 - Despite the U.S. imposing sanctions on Iran in November, OPEC’s third-largest producer has been exporting much more oil than widely reported, according to the Economist Intelligence Unit.

The EIU report “Turbulent times: Measuring real-time shifts in a volatile oil market” suggests Iran’s oil exports continued at around two million barrels per day in October-November, notably higher than the 1.0 to 1.5 million bpd previously reported.

The EIU report is based on research by CargoMetrics, which used satellite imagery and other means to track Iran’s “unofficial” exports. These include ship-to-ship transfers as well as vessels turning off Automatic Identification System (AIS) transponders to hide the location and eventual destination of cargoes.

The recent movements of Panamanian-registered Yufusan illustrate Iran’s secret oil trade. The tanker was monitored picking up Iranian condensates and Iranian oil before loading up its remaining space with Kuwaiti oil and then heading to Japan — a country that has publicly declared an end to Iranian oil imports.

Iran is also discounting oil to keep buyers sweet. Tehran’s January offer to Asian buyers on Iran Light grade is 30 cents a barrel below Saudi Arab Light oil. Iran is also accepting payment in Indian rupees, offering 60 days credit and free shipping.

Sources
PUBLISHED:17/12/2018; STORY: Graphic News
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