Iran's Oil Exports Drop to Lowest Level in Six Years

06/04 19:45

On June 5, reports from shipping data and analysts indicated that due to a U.S. Navy blockade, Iran's crude oil and condensate exports fell to the lowest level in at least six years in May, with daily exports far below 300,000 barrels. According to Vortexa data, Iran's average exports in May were approximately 209,000 barrels per day, a significant decline from 1.34 million barrels in April and nearly 1.9 million barrels in March, marking the lowest level since late 2019 to early 2020. Vortexa analyst Claire Jungman stated, "The main driving factors seem to include the turmoil around the Strait of Hormuz, the U.S. Navy's blockade of vessels entering and leaving Iranian ports, and the general reluctance of shipowners, shipping companies, insurers, and counterparties to expose vessels and crews to the current security environment." Another agency, Kpler, reported a similar decline but slightly adjusted May's export figure to 260,000 barrels per day, still the lowest in six years.

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