Report: Iranian oil exports halted in October due to US blockade

Vortexa explained that Iran's seaborne crude oil exports fell to zero in the second week of September, after averaging 230,000 barrels per day over 14 days at the beginning of that month, and remained at this level until October 5.

At the same time, the volume of Iranian crude oil on tankers in the water dropped to 83 million barrels, with 43 million barrels remaining stuck west of the Strait of Hormuz due to the US blockade.

Claire Jungman, Chief Marine Risk Officer at Vortexa, said, "The blockade is achieving what years of sanctions could not. It has effectively prevented Iranian crude oil from leaving the Gulf."

Jungman added that China no longer needs Iranian oil with the same urgency as before, because Russian oil has filled the gap.

Vortexa also noted that Iran's exports of liquefied petroleum gas (LPG) fell by 48% from the previous month, to their lowest level since at least January 2023.

With the decline in Iranian exports, Russian crude oil now accounts for 80% of what Vortexa describes as high-risk exports from Iran, Russia, and Venezuela. Total exports from the three countries reached 4.73 million barrels per day in September, down from 6.39 million barrels per day in the same month last year.

The report clarified that Russia's exports, excluding CPC Blend and Kebco crudes, rose by 6% compared to the previous month to reach 3.79 million barrels per day.