Iran, July 2018 (Along With Storage Satellite Imagery)

Published ∼ Updated 4 months ago

At 2,247,729 barrels per day, Iran exported 134,154 bpd less in July than in June. This covers crude oil and condensates, and is also equivalent to over 4 million barrels for the month, which is just enough to pack 2 VLCC supertankers. Though we see more barrels heading off to China and India than in June, South Korea did not even appear on the list of destinations on account of that they are still waiting for a possible sanctions waiver from the US government. As for the EU, Italy and Spain continue to receive, and so has Greece after not appearing on destinations list in June. A monthly million(-ish) barrel parcel is currently underway to Syria aboard the SEA SHARK.

Iran July 2018 Crude Oil & Condensate Exports

Destination Barrels per day Total Barrels Percentage for Destination
China 706,802 21,910,876 31.45%
India 576,972 17,886,118 25.67%
Japan 282,719 8,764,301 12.58%
UAE 181,475 5,625,736 8.07%
Turkey 136,924 4,244,647 6.09%
Italy 70,399 2,182,364 3.13%
Spain 62,810 1,947,110 2.79%
Myanmar 60,637 1,879,741 2.70%
For Orders 35,610 1,103,919 1.58%
Greece 34,546 1,070,938 1.54%
Suez Canal 34,538 1,070,671 1.54%
? 33,631 1,042,559 1.50%
Syrian Arab Republic 30,665 950,607 1.36%
Total 2,247,729 69,679,587
Revenue ($74.25 / barrel) $166,893,850 $5,173,709,341

Here’s where the July export tankers are currently located (August 2nd, 2018). As you can see, they’re using the Bab Al-Mandeb strait in the southern end of the Red Sea where the recent attacks on Saudi vessels purportedly took place.

If we review the Planet Labs satellite imagery at storage on the Kharg Island export terminal, we see in red that there has been a slight build in storage on account of the small drop in exports.

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