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Iran's May Oil Exports On Track To Surge By 60%

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Iran's May Oil Exports On Track To Surge By 60%

Iran's ambitions to regain lost oil sales and market share have been no secret. In fact, the country refused to take part in any sort of agreement that would place a cap on oil exports.

Now that Iran's oil industry is no longer affected by international sanctions, the country is expected to increase its oil exports in May by nearly 60 percent compared to a year ago.

Related Link: Saudi Arabia Will Halt Oil Production Increases Only If Iran Follows Suit

Reuters, citing "a source with knowledge of the country's crude lifting plans," reported that Iran is actually regaining its lost market share at a faster pace than what analysts were expecting.

Reuters noted that Iran's April loadings at 2.3 million barrels per day (bpd) were 15 percent higher than what the International Energy Agency estimated it to be.

April's loadings also happen to mark the country's highest levels since January 2012.

Meanwhile, Iran's oil shipments for the month of May are expected to total 2.1 million bpd — marking a near 60 percent surge from the 1.3 million bpd it shipped in the same month a year ago.

Finally, Reuters noted that Iran may have solved a tanker shortage problem that plagued the country when sanctions were initially lifted back in January.

 

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