Rhodium Group reported today that Iran’s oil exports in July fell to an average of 940,000 barrels a day, lower than the estimates published by the International Energy Agency for the same period. In June, Iran exported 1.7 million bpd.
The oil revenues in July dropped to $2.9 billion, as compared to $9.8 billion for the same period last year.
The numbers are expected to rise in Iran’s favor in the coming months as the country Asian customers are finding new ways to get their oil shipments from Iran insured. Analysts also expect China to increase its purchase of Iranian spot oil at discounted prices. Together, Iran could sell as much as 1.3 million bpd, which is still nearly half their historical export level of 2.2 million bpd.