Iran says oil exports at 2.31 million barrels per day but shipping data differs
Reuters today reports that Iranian oil exports hit a four year high at 2.31 million barrels per day, citing unidentified people. That's up 100,000 bpd from May.
Other sources differ wildly.
Bloomberg watches tanker traffic and said oil shipments in the first 13 days of the month are down to 1.37 mbpd compared to an average of 2.03 mbpd in May.
Iran has blamed the lack of tankers for holding back exports. They that 20 out of their 55 ships need modernizing.
It's also tough to reconcile these export numbers with what Iran says it's producing. Iran's oil minister said on June 1 the nation is producing 3.8 million barrels per day and will soon hit 4 mbpd.
Those numbers are tough to reconcile. Could 1.5-2.4 mbpd be used or refined in Iran? I guess it's possible.
In the bigger picture, oil continues to pull back after breaking $50 last week. WTI crude is down 56-cents to $48.31 and is testing trendline support.
