Iran's oil exports reached zero in September 2023, with Kepler data showing that oil that cannot be exported from Iran is being stored in domestic refineries. Meanwhile, neighboring countries including Saudi Arabia, the United Arab Emirates, and Iraq have significantly revived their exports.
Oil Storage Situation in Iran
Given the current conditions, Iranian crude oil is being stored in domestic refineries such as those in Tehran and Isfahan. These refineries typically have a processing capacity of about 1.5 million barrels of crude oil per day. However, the inability to export has led to increased oil inventories in these refineries.
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Comparison with Neighboring Countries
In comparison to Iran, Saudi Arabia, with a daily production capacity of about 10 million barrels, and the United Arab Emirates, with a production of 4 million barrels per day, are rapidly reviving their exports. Iraq, with a production capacity of nearly 4.5 million barrels per day, is also effectively present in the global oil market. These countries have been able to significantly increase their exports by improving infrastructure and extraction capacities.
As a result, Iran is facing serious economic challenges due to the accumulation of oil in refineries and the inability to export. This situation not only harms oil revenues but also negatively impacts the country's economic conditions.
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