Iran's Exports of Crude Oil Down Significantly as Consumers Worry About Israeli Strike

Iran's export of crude oil, it's main source of revenue, has dropped by around 600,000 barrels per day in the first 10 days of October following the Islamic Republic's ballistic missile attack on Israel. Consuming nations, particularly China, are reported to be worried about the possible effect of Israel's retaliatory strikes and are looking for other sources of supply in a hedge against the possibility of future disruptions.

In addition, Iran has taken steps to protect its fleet of tankers, including by moving them away from the Kharg Island export terminal which is reportedly on the short list of Israel's targets for a strike. Moving the tankers out to sea makes them safer in the event of an attack, but it also means they're unable to load cargoes of oil for export.

"The first 10 days has been very slow compared to what we usually see," said Vortexa oil risk analyst Armen Azizian, as cited by Argus. "Normally, over this period, we see an average of 5-8 tankers load...but so far, we have only seen just 3-4 load."