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Chart of the Day: Iran Crude Exports Hit Weekly Record
Summary
We decided to write about Iran since it has been in the news since yesterday after many news reports talked about the US and Israel hitting oil infrastructure in Iran. Oil prices have been increasing since yesterday after President Biden responded to a question from a journalist indicating that hitting oil targets is under discussion. Brent at the time of this writing was above $78/b. Reports also talked about Iran hitting the facilities of neighboring countries and the gas fields of Israel.
Figure (1) above shows Iran’s weekly crude oil exports since the beginning of 2013. It shows how Iran’s oil exports increased substantially between 2015 and 2018 after President Obama signed the JCPOA deal with Iran. Then they declined after President Trump ended the deal and reimposed sanctions on Iran. They recovered strongly since the President Biden came to office. As the Figure shows, two weeks ago, Iran’s weekly exports hit a record high of 3.87 mb/d!