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Rise in Oil Exports to West

Rise in Oil Exports to WestRise in Oil Exports to West

Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq, Reuters reported. While many Asian nations continued to purchase oil from Iran during sanctions, western nations halted imports, halving Iran's overall exports to as little as one million barrels per day. Last month, Iran exported about 1.1 million bpd to Europe including Turkey, almost reaching pre-sanction levels and only slightly below the 1.2 million bpd supplied to Asia. Iran's exports to Asia last month were the lowest since February 2016, Reuters' calculations showed. Oil exports to Asia fell as South Korea and Japan stepped up oil condensate purchases and bought less oil, said the source, who asked not to be identified as the information is confidential.

 

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