Iran’s revenues from crude oil and oil products surged by 55 percent between March and October, the first seven months of the Iranian year, compared to the same period of the previous year, the Islamic Republic News Agency (IRNA) reported on Monday, quoting data from the Central Bank of Iran.
Between March and October, Iran’s oil exports revenues were helped by high volumes of exports early in the period—with Iran’s oil exports at record in April and May, and later on with the high oil prices in the late summer and early fall.
Iranian crude oil and oil product revenues in the first four months of the Iranian year beginning March 21 until July 23 jumped by 60 percent on the year to reach the equivalent of US$9.9 billion, according to Iran’s central bank.
After July, however, Iran’s oil exports started to drop noticeably as buyers were unwilling to commit amid uncertainties over whether anyone would be receiving a U.S. waiver to continue importing oil from Iran.
The U.S. pledge to drive Iranian oil exports down to ‘zero’ led to fears of a supply crunch and oil prices shot up to four-year highs in early October.
In early November, U.S. sanctions returned, and with them came waivers to eight key Iranian oil buyers to continue importing reduced volumes of Iranian oil until early May 2019.
In October, with lack of certainty over U.S. waivers, crude oil exports from Iran to Asian countries—its biggest clients—sank to average 762,000 bpd, official customs data and shipping data reported by Reuters revealed. This was the lowest monthly average for Iranian crude oil exports to Asia in five years and a 56.4-percent decline on an annual basis.
The U.S. sanctions have effectively removed around 1 million bpd of Iranian oil from the market, but Iran is still estimated to be exporting more than 1 million bpd of crude oil.
Via Oil Price