TEHRAN – Iran’s total crude and condensate exports for October are expected to tumble by nearly a fifth from the previous month to a 19-month low, a source said. Crude and condensate exports for October will be 2.09 million bpd, the lowest since March 2016, down from 2.57 million bpd in September dented by production […]
TEHRAN – Iran’s total crude and condensate exports for October are expected to tumble by nearly a fifth from the previous month to a 19-month low, a source said.
Crude and condensate exports for October will be 2.09 million bpd, the lowest since March 2016, down from 2.57 million bpd in September dented by production issues, the source said on the condition of anonymity, Reuters reported.
The preliminary schedule for October shows a decline of some 800,000 bpd from a six-year high of nearly 2.9 million barrels per day (bpd) in February.
Exports to Europe are set to tumble 39 percent to 510,000 bpd in October from a month earlier, while loadings for Asia will fall 9 percent to 1.47 million bpd, according to the source. Exports to the Middle East will hold at 111,000 bpd.
However, shipments to Japan are set to jump 83 percent to 218,000 bpd in October from a month earlier, while shipments to top buyer China will rise 2 percent.
India is set to overtake South Korea as the No.2 buyer, taking 377,000 bpd, the source said. South Korean loadings are set to drop by 48 percent from a month earlier to 238,000 bpd, which sources say is partly due to refinery maintenance season.
Shipments of condensate have dropped due to a “technical problem” at the South Pars field, with maintenance work expected to take up to two months to complete, National Iranian Oil Company’s Director of International Affairs Saeed Khoshroo said in late September.
