Vortexa: U.S. Blockade Causes Iran's Crude Oil Exports to Drop to Zero, No Recovery in October

On October 14, Vortexa reported that the U.S. maritime blockade has caused Iran's seaborne crude oil exports to drop to zero since the second week of September, and as of October 5, there has been no recovery. The average export volume for the first 14 days of September was 230,000 barrels per day. Iran's floating oil storage has decreased to 83 million barrels, with 43 million barrels stranded west of the Strait of Hormuz due to the U.S. blockade. Vortexa pointed out that the U.S. blockade has effectively blocked Iran's crude oil from leaving the Persian Gulf. Iran's liquefied petroleum gas exports fell by 48% month-on-month, reaching the lowest level since January 2023. Meanwhile, Russia's crude oil exports increased by 6% month-on-month in September to 3.79 million barrels per day, accounting for about 80% of the high-risk crude oil exports from Iran, Russia, and Venezuela combined. The total export volume from the three countries in September was 4.73 million barrels per day, down from 6.39 million barrels per day in the same period last year. Additionally, oil exports from the Gulf region, excluding Iran, have recovered to over 81% of pre-war levels, mainly driven by a rebound in Saudi exports.

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