Iran has sent small shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data obtained by Reuters, suggesting Tehran is seeking to keep its output near five-year highs.
Oil sales are Iran’s main source of revenue, as the country seeks ways to bypass US sanctions on its oil exports, which were reimposed by former US President Donald Trump in 2018 after he withdrew from a deal over Iran’s nuclear programme.
Iran, which is exempt from OPEC production quotas, is seeking to maximize its production and exports, according to Reuters. Iranian Oil Minister Javad Owji said in July that Iran sells oil to 17 countries, including some in Europe, according to the semi-official Mehr news agency.
Shipments to new destinations
According to a report by Claire Jungmann of the US-based United Against Nuclear Iran, based on shipping data, one of the new deals saw the Golden Eagle tanker sail near the Bangladeshi port of Chittagong earlier this year after receiving oil from another vessel that had shipped oil from Iran’s Kharg Island.
Golden Eagle offloaded parts of the cargo to smaller tankers in ship-to-ship transfers around Chittagong in April, based on information her group obtained from satellite data on tanker movements linked to Iran, Jungmann said.
Another source who independently tracks oil exports confirmed the shipment to Bangladesh to Reuters. An official at Bangladesh’s state-run oil company, which runs the country’s main refinery, said the company had not purchased the cargo and that it was difficult to identify the buyer. Iranian officials did not respond to Reuters’ requests for comment.
Exports to Syria and Oman
OPEC figures showed that Iranian oil production has exceeded 3.2 million barrels per day this year on average, the highest level since 2018, after achieving one of the largest increases in OPEC production in 2023 despite continued US sanctions.
Iranian crude oil exports have reached new highs this year, with the March-May period the highest three-month period since mid-2018, said Geneva-based Petro-Logistics, which tracks oil tankers.
However, Virginie Pannec of Petro-Logistics told Reuters that “volumes seem to have stabilized now.” Shipping sources said at least eight oil cargoes, mostly from Iran, were headed to Syria, with some already unloaded.
But these shipments to Syria have declined from their peak a few years ago, as Iran seeks to divert its exports to other destinations.
According to an analysis of export data from the Jungmann Organization, Iranian oil deliveries to Syria averaged 57,000 barrels per day in 2024, compared to 147,000 barrels per day in 2022.
In a separate shipment, another tanker believed to be carrying Iranian oil delivered a cargo to the Omani port of Sohar in June, after loading the cargo from another vessel that had shipped it from Iran’s Kharg Island earlier this year, according to Jungmann, who cited shipping data.
Iran has also started sending shipments to the northeastern Chinese port of Dalian, Reuters reported, adding a new destination for its oil.
Iranian exports to China, which does not recognize U.S. sanctions, continue to flow into the port, helping keep China’s oil imports near record levels.
Tanker trackers and traders say traders are reclassifying Iranian oil heading to China as coming from other countries such as Malaysia, Oman or the United Arab Emirates. Homayoun Falakshahi, senior analyst at Kpler, said Iranian oil exports have now peaked and have remained steady at around 1.5 million barrels a day since February.
