Iran's November crude exports are set to rise 118 percent compared with a year ago, according a source with knowledge of its preliminary tanker schedule.
Iran's sales of crude and ultra light oil condensate are set to hit 2.37 million barrels per day (mbd) in November, reported Reuters.
According to the source who is familiar with Iran's export situation, Iran exported 2.56 mbd of crude oil in October.
Iran's crude oil exports are set to fall 7.5 percent in November to a four-month low, as low seasonal demand in Europe takes the edge off its post-sanctions export bonanza.
Iran's oil exports typically hit a low around October or November each year, reflecting peak refinery maintenance seasons in Europe and in Asia.
Overall, OPEC's third-largest producer has been regaining market share at a faster pace than analysts had projected since sanctions were lifted in January, with its exports of crude and condensate hitting a five-year high of at least 2.60 mbd in September.
Iran's current oil output is almost 4 mbd, and its exports have reached 2.4 mbd, reported Shana quoting the managing director of National Iranian Oil Company last week.
China rebound pulls up Asia
Iran's crude and condensate exports to Asia this month are likely to total 1.93 mbd, up nearly 100,000 bpd from October, while exports to Europe look set to fall to 433,000 bpd from 613,000 bpd in October.
Usually, the United Arab Emirates loads around 50,000 bpd to 145,000 bpd of Iranian condensate each month, but there are no loadings for the Middle East this month — the first time in at least two years.
Loadings headed for China will jump 35 percent from October to 669,000 bpd. But India will load slightly more at 674,000 bpd, retaining its status as Iranian oil's top buyer for the second straight month.
South Korea is set to take 368,000 bpd in November, down from 379,000 bpd in October. Japan is lifting 156,000 bpd of crude, down 31 percent. Taiwan, which has been buying from Iran every other month, will lift about two million barrels in November.
Turkey is lifting 133,000 bpd in November — down 31 percent from the previous month. Greece is lifting around 2 million barrels, and Spain and Italy are loading about one million barrels each.
Iran is also pushing about two million barrels of crude into its offshore storage this month, the source said.
