Hit by sanctions and rising tensions, Iran’s oil exports slide in July


Hit by sanctions and rising tensions, Iran’s oil exports slide in July

Iranian oil exports have dropped in July to as low as 100,000 barrels per day (bpd) due to sanctions and rising tension with the United States and Britain, according to an industry source and tanker data, deepening global supply losses.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. Aiming to cut Iran’s sales to zero, Washington in May ended sanction waivers given to importers of Iranian oil.

Iran has nonetheless sent abroad about 100,000 bpd of crude in July, said the industry source, who tracks such flows. Data from Refinitiv Eikon put crude shipments at a similar rate and at 120,000 bpd if condensate, a light oil, is included.

Sara Vakhshouri, an analyst at SVB Energy International, a consulting firm based in Washington and Dubai, also said Iranian oil exports had probably fallen this month.  Read More

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