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Saudi energy minister Falih believes no one knows Iran's oil exports after a new round of U.S. sanctions against Iran began on November 4.
But more precisely, Iran's export data, which are crucial to the oil market, is a mystery.
Oil industry sources pointed out that because Iranian ships shut down the tracking system, it is more difficult to assess the country's oil exports, making the impact of U.S. sanctions to deter buyers even more doubtful. More oil may enter inventory or increase the difficulty of data calculation.
Under pressure from President Trump to cool oil prices, the lack of transparency in oil exports has led to greater challenges for other members of the Organization of Petroleum Exporting Countries (OPEC), especially Saudi Arabia, in closing Iran's oil supply gap.
Iran is OPEC's third largest oil producer, with an estimated gap of more than 1 million barrels a day over its October crude oil exports. This figure is enough to support Turkey's oil demand and affect global market oil prices. The global crude oil market has a daily supply of 100 million barrels.
Before Trump announced sanctions in May, Iran's oil exports exceeded 2 million 500 thousand barrels per day.
"Nobody knows what Iranian exports are going to look like," Falih admitted during a visit to Russia's Tass News Agency (TASS) on October 22. He said.
A Iran oil official declined to comment when asked about the country's crude oil exports in October.
As expected sanctions will test OPEC and other oil producing countries, oil prices have expanded. Brandt crude hit its highest level since 2014 at $86.74 a barrel on October 3, although it has since fallen back to $77.


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