Iran’s Oil Exports Hit Five-Year Peak in May

SEATTLE (Oil Monster): The latest data published by Iran’s Customs Department indicates that the country’s oil exports hit the highest level in five years during the month of May this year. The country’s crude oil and gas condensate exports totalled 1.7 million barrels per day (mb/d) in May 2024.

ALSO READ:

Iran Plans to Raise Oil Output to 4 Million Barrels Per Day, Tasnin Reports

GE Explores Oil and Gas Business in Iran with Top Executive Visit

According to data by Vortexa, Iran’s oil and gas condensate exports reached 1.65 mb/d in the initial five-month period of the year. This is amidst the deadliest violence in the region following the war between Israel and Hamas. The oil exports recorded 30% surge in Q2 this year. Meantime, the exports of mazut- the low-quality heavy fuel oil remained more or less unchanged at around 240,000 barrels per day.

The increased crude oil production by the country, coupled with rising demand from China, boosted Iran’s oil exports.

As per customs data, the oil revenues during the first three-month period of the current fiscal year starting 21^st March, 2024 totalled $12 billion, significantly higher by almost 35% over the previous year. The realized revenues are much below the expected revenue of over $14.5 billion. The lower revenues are on account of Iran’s move to lower selling prices in order to secure buyers.

The oil and non-oil export revenues have grown by 18.6%, Customs data showed.