Iran’s crude oil exports are set to decline up to 7.5% in November to a four-month low, as the seasonal demand is low in Europe, Gulf News reported. Iran’s oil exports typically hit a low around October or November each year, reflecting peak refinery maintenance seasons in Europe and in Asia.
Iran’s sales of crude and ultra light oil condensate are set to fall for a second straight month to 2.37mb/d in November from 2.56mb/d in October. Yet, when compared with 2015, Tehran’s November crude exports are set to rise by 118%, according to Daily Mail. Furthermore, Iran’s crude and condensate exports to Asia in November are likely to total 1.93mb/d, up nearly 100,000b/d from October, but exports to Europe look set to fall to 433,000b/d from 613,000b/d in October.
National Iranian Oil Company (NIOC) stated that the country’s current oil output has reached almost 4mb/d, and its exports have reached 2.4mb/d. As OPEC’s third-largest producer, Iran has been regaining market share at a faster pace than analysts had projected since sanctions were lifted in January.