Iran’s crude exports are expected to decrease in September and head toward a six-month low.
According to a report by Reuters, tanker loading data indicate that Tehran’s oil sales will fall to 1.02 million barrels per day (bpd) this month, lowest since March.
August and September loadings - for arrivals in September and October – show that imports by main buyers of Iran’s crude in Asia will fall by some 16% in September.
Seasonal drop in demand as well as decreasing imports by China, the largest buyer of the Iranian crude, are said to be behind the expected decline.
'Reclaiming oil share'
File image of Iran's Petroleum Minister Bijan Zangeneh (AFP photo)
Earlier this month, Iran’s Petroleum Minister Bijan Zangeneh said that Iran is set to regain its share in global oil markets after sanctions against the country are removed.
Zangeneh reiterated that Iran will raise its crude output by 500,000 bpd once sanctions are removed and by 1 million bpd within the following five months.
Iran's crude output stands at 2.8 million bpd, the highest level within the past three years, he added.
Iran lost part of its share in the global oil market following the US-led sanctions that hit the country’s energy sector back in 2012.
Western countries, including the US and its European allies, imposed sanctions on Tehran over its nuclear energy program.
Iran and the P5+1 group of countries – the US, the UK, France, Germany, China, and Russia – reached an agreement in Vienna on July 14. Known as the Joint Comprehensive Plan of Action (JCPOA), the agreement will see sanctions against Iran's economic sectors lifted in return for certain restrictions on Tehran’s nuclear program.