TEHRAN - TankerTrackers, a shipping analytics company, reported a surge in Iran’s crude oil exports during the latter half of December 2024, following slow growth earlier in the month.

According to a report by Oilprice.com and data from TankerTrackers, Iranian oil exports picked up pace in late December.

While the company did not disclose specific figures, it highlighted the significant rise after a sluggish first half of the month. TankerTrackers also noted that Iran has ceased exporting oil to Syria.

This development follows a challenging quarter for Iran's oil sector. Despite achieving the highest export levels in six years in 2024, growth was hindered in October and November due to higher prices for Iranian crude sold to China. The price gap between Iranian crude and Brent crude reached its narrowest margin in five years, leading to a slowdown in October amidst heightened regional tensions in West Asia.

Iranian media reported in mid-December that oil exports to China, Iran's largest buyer, dropped by 524,000 barrels per day (bpd) in November compared to October, reaching 1.31 million bpd—the lowest in four months.

Despite U.S. sanctions on its oil industry, Iran has consistently exported over 1.0 million bpd, primarily to China. The Iranian oil minister has stated that the country is preparing for potential new sanctions under the incoming U.S. administration.

This resilience underscores Iran's ability to navigate economic pressures while maintaining a significant presence in the global oil market.

EF/MA