Strait of Hormuz halts 43M barrels

The American blockade halted Iranian oil exports transported by sea during October, leading to a sharp decline in Iranian oil flows. Exports fell to zero in the second week of September, with approximately 43 million barrels accumulating on tankers in the Gulf waters due to the blockade. Additionally, Iran's LPG exports decreased by 48% compared to the previous month. Meanwhile, Russia's share in the sanctioned oil market increased to about 80% of the combined exports of Iran, Russia, and Venezuela, as the total exports of the three countries declined to 4.73 million barrels per day in September.

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