Iranian crude exports rise, lifting its ranking in OPEC

EghtesadOnline: Iran’s crude/condensate exports accounted for 9% of OPEC’s crude/condensate exports in February 2024 and again in May 2024, the highest share since August 2018, the Vortexa website reported.

Rising crude exports mean Iran has overtaken Kuwait and Nigeria to be the fourth largest crude/condensate exporter in OPEC. Iran’s crude exports averaged 1.56mbd across January-May this year, around 250kbd higher than both Kuwait and Nigeria.

Despite ongoing sanctions, Iran managed to increase its crude/condensate exports to 1.7mbd in May, the highest levels observed in more than five years.

Referring to the reasons behind Iran’s success, the website announced that an increase in Iran’s crude production, higher demand from China, and a net increase in the size of its dark fleet, have helped the country to increase its exports. / Mehr