Iran’s Oil Exports Remained Near Peak in November

Although Iran’s oil exports dipped slightly from their October high of 2.15 million barrels per day (mbpd), its exports in November remained robust at 2.06 mbpd, for a total of 61.8 million barrels, according to TankerTrackers, the oil trade monitoring platform. This volume highlights the continued challenges the Trump administration faces in cutting Tehran’s key financial lifeline while the clerical regime is rebuilding its military and the capacity of its foreign proxy forces.

All Iranian Crude Went to China in November

As in October, crude oil constituted the core of export flows, accounting for 1.83 mbpd (89.1 percent) of the total, all of which went to China. This was supplemented by fuel oil at 207.4 thousand barrels per day (kbpd) (10.1 percent) and condensate at 17.7 kbpd (0.9 percent).

Priced at an estimated 5-10 percent discount to Brent, November crude oil exports likely generated between $3.2 billion and $3.4 billion in gross revenue, lower than Tehran’s revenue from crude oil exports in October, which was between $3.5 billion and $3.7 billion.

The United Arab Emirates (UAE) remained the second-largest destination for Iranian oil exports, receiving 5.9 percent (120.5 kbpd). After importing no Iranian oil in October, Malaysia resumed purchases and accounted for 1.5 percent (30.1 kbpd). The remaining 1.7 percent of Iranian exports (35.7 kbpd) was shipped but has not yet arrived at its destination, which remains unknown.

Ports and Logistics

In November, Iran exported all of its crude oil from Kharg Island, underscoring the unique role it plays in the country’s export operation. Ports in Mahshahr and Bandar Abbas ranked second and third, exclusively exporting condensate and fuel oil. A total of 51 vessels flying the flags of 16 countries carried Iran’s exports. Ships of the Ultra Large/ Very Large Crude Tanker class made 70 percent of those exports.

Weaknesses of Current Sanctions

Iran’s illicit fleet continues to operate with relative impunity. Of the 51 vessels tracked carrying Iranian oil in November, the United States has sanctioned 38, yet they continue to travel freely. Far worse, the European Union has only sanctioned three of these tankers, and only two are on the UK sanctions list. This clearly demonstrates a substantial enforcement gap: a quarter of the shadow fleet engaged in the trade remains sanction free, while even designated vessels encounter very few physical barriers to their operations.

To exert effective pressure on Iran, the United States should mobilize its allies and partners such as the United Kingdom, the European Union, Australia, Japan, the UAE, Saudi Arabia, Indonesia, Malaysia, and South Korea to designate these tankers. This requires active diplomacy from top U.S. officials, such as John Hurley, the undersecretary for terrorism and financial intelligence, who visited Israel, Lebanon, the UAE, and Turkey in November to strengthen the maximum pressure campaign on Iran.

Treasury Actions in November

In November, the Treasury introduced two packages of designations against Iran, one focused on Iran’s energy industry and the other targeted Iran’s UAV and missile procurement network. On November 20, the Treasury’s Office of Foreign Assets Control (OFAC) announced new sanctions targeting a network of front companies, shipping facilitators, and vessels that finance the Iranian armed forces through illicit oil sales.  The action designated multiple entities and vessels across the UAE, Panama, and other jurisdictions for transporting Iranian petroleum products and obfuscating their origins.

By any measure, the regime in Tehran has been very successful in exporting its oil, despite the Treasury Secretary Scott Bessent’s February declaration that the U.S. would cut Iran’s oil exports to 100,000 barrels per day. Iran’s oil exports provide Tehran with the funds to engage in terrorism abroad and oppression at home while resisting the pressure by the U.S. and its allies to curb its illicit nuclear program and other hostile activities.

Saeed Ghasseminejad is a senior Iran and financial economics advisor at the Foundation for Defense of Democracies (FDD). For more analysis from the author and FDD, please subscribe HERE. Follow Saeed on X @SGhasseminejad. Follow FDD on X @FDD and @FDD_Iran. FDD is a Washington, DC-based, nonpartisan research institute focusing on foreign policy and national security.