Iran’s oil exports rose in January despite sanctions

Figures from three tanker tracking companies showed that Iranian oil exports rose in January after an increase in the fourth quarter of last year despite US sanctions, indicating that the end of Donald Trump’s term as president of the United States may change buyers’ behavior.

Iran’s exports have decreased since Trump withdrew his country from a nuclear deal with Iran in 2018 and re-imposed sanctions. 

The new US President Joe Biden said that if Tehran returned to abide by the agreement, Washington would do the same.

Figures from SVB International and two other companies indicate an increase in exports. 

The three companies are working to estimate Iranian supplies by tracking tankers.

According to SVB International, Iranian crude exports increased to 710,000 barrels per day in December from 490,000 barrels per day in October, while shipments and production are also rising so far in January.

Geneva-based Petro Logistics said Iran’s crude exports could exceed 600,000 bpd this month for the first time since April 2019, after rising 100,000 bpd in the fourth quarter.

Refinitiv Icon set aside 370,000 bpd of Iranian crude exports in December. 

Exports fell in some months of 2020, to between 100,000 and 200,000 barrels per day.