Iran International:

Dalga Khatinoglu

Iran’s oil exports declined sharply at the start of 2026, new tanker-tracking data show, raising fresh questions about the durability of Tehran’s most important economic lifeline under renewed US sanctions pressure.

Crude oil loadings from Iran’s Persian Gulf terminals fell to below 1.39 million barrels per day in January, a 26 percent drop from a year earlier, according to data from commodity intelligence firm Kpler reviewed by Iran International.

The decline extends a steady downward trend since October, suggesting sustained pressure rather than a temporary disruption.

The slowdown is most visible in China, Iran’s primary—and effectively only—major oil buyer under sanctions. Daily discharges of Iranian crude at Chinese ports fell to 1.13 million barrels per day last month, down from an average of around 1.4 million barrels per day in 2025.

Unsold Iranian crude is also accumulating at sea. The volume of oil stored on tankers has nearly tripled over the past year to more than 170 million barrels, a sign that shipments are becoming harder to sell or deliver.

Keeping that oil afloat is costly. Chartering a Very Large Crude Carrier typically costs more than $100,000 per day, and tankers carrying sanctioned Iranian oil command even higher rates due to legal and insurance risks. Analysts estimate that roughly one-fifth of Iran’s oil revenue is effectively consumed by these transport and storage costs.

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