Iran crude oil exports to hit 5-month low in December, source says

by - 11:56 am

Iran's crude oil exports in December are set to fall 8 percent from November to a five-month low, a source with knowledge of its preliminary tanker schedule said, as lower shipments to China and others in Asia offset bumper exports to Europe. 

                Iran was exempted from last month's OPEC deal to reduce output by 1.2 million barrels per day (bpd) starting from January, and had been expected to boost its output slightly.But Iran's December crude exports excluding condensate are set to fall to 1.88 million bpd, from 2.04 million bpd in November, the source familiar with its export situation said. That may be a sign it is having trouble maintaining output after the lifting of sanctions this year led to a surge in production. 

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Exemption from the deal agreed by the Organization of the Petroleum Exporting Countries (OPEC) was a victory for Tehran, which has argued it needs to regain the market share it lost under Western sanctions targetting its nuclear programme.Compared with a year ago, Iran's December crude exports are still set to jump 81 percent as shipments to Europe resumed only in February this year, according to the source.

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