Iran is relying on a network of foreign refiners to secure demand for its crude oil amid the stranglehold of sanctions, according to export data and industry sources. The country's crude oil production has increased significantly, with most of its exports going to Chinese refiners. Iran has also been exporting crude to Syria and Venezuela to feed their refineries.
Iran is relying on a network of foreign refiners to secure demand for its crude oil amid the stranglehold of sanctions, Argus has reported, citing export data and sources from the industry. Last year, Iran ’s crude oil production rose by a sizeable 650,000 bpd, the report noted, largely thanks to an improvement in exports, which averaged almost 1.3 million barrels daily, per Vortexa data. That’s up from about 1.05 million bpd for full 2023 and a little over 800,000 bpd for 2022.
As in previous years, the bulk of those daily exports went to Chinese refiners who have developed a taste for discount Iranian crude—thus ensuring sustained demand for it. But Iran has also been exporting crude to allies Syria and Venezuela, to feed Syria’s 140,000-bpd Banias refinery and Venezuela’s El Palito facility, which has the same daily processing capacity as Banias. 'The biggest benefit of such refineries is securing markets for the stable sale of our crude,' Ali Shahverdi, who is in charge of relations with overseas refiners at state downstream company NIORDC, told Argu
Iran Crude Oil Foreign Refiners Sanctions Exports China Syria Venezuela Refineries