BlockBeats report: On June 5, according to shipping data and analysts, Iran's crude oil and condensate exports in May fell to their lowest level in at least six years due to a U.S. Navy blockade, with daily exports far below 300,000 barrels.
According to Vortexa data, Iran’s average exports in May were approximately 209,000 barrels per day, a significant decline from 1.34 million barrels per day in April and nearly 1.9 million barrels per day in March, marking the lowest level since late 2019 to early 2020.
Vortexa analyst Claire Jungman said: “Key drivers appear to include instability around the Strait of Hormuz, U.S. Navy blockades targeting vessels entering and exiting Iranian ports, and widespread reluctance among shipowners, shipping companies, insurers, and counterparties to expose vessels and crews to the current security environment.”
Data from another firm, Kpler, showed a similar decline, but it slightly raised May’s export volume to 260,000 barrels per day, still the lowest level in six years. (Jin10)