Iran’s oil exports top 80 million barrels in less than a month

Iran exported more than 80 million barrels of crude oil and petroleum products in the 26 days following the signing of a memorandum of understanding between Tehran and Washington in Islamabad, according to TankerTrackers, a platform that monitors oil tanker movements.

The platform said the exports are currently worth an estimated 6 billion US dollars, adding that around 30 million barrels of Iranian crude oil are still awaiting shipment.

It also said that if any restrictions are imposed on Iran’s oil production, Tehran has access to around 60 million barrels of floating storage capacity in the region, which could provide a temporary solution for managing oil supplies.

Estimates from tanker-tracking firms in recent months showed that Iran’s oil exports generally ranged between 1.6 million and 1.8 million barrels a day. However, the volumes reported over the past 26 days equate to an average of about 3.1 million barrels a day when crude oil and petroleum product exports are combined, indicating a marked increase in the pace of shipments during this period.