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Iran’s oil export reduced to 100 thousand barrels a day

Three months after the heavy sanctions on Iranian oil, the data from tankers and industrial sources indicate that Iran’s oil export has dropped to 100 thousand barrels a day.

Last Year the Trump administration left the nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) and reinstated the previous oil sanctions on Iran. But in May, the administration revoked the sanction waivers it had issued for eight largest customers of Iranian oil and increased its efforts to reduce Iran’s oil export to zero.

According to Reuters, an industry source in Iran says that In July Iran has exported 100 thousand barrels a day. The data from Refinitiv regarding tanker operations show that in July Iran had exported 120 thousand barrels of crude oil and liquid gas.

Refinitiv and the International Atomic Energy Agency (IAEA) have also estimated that in the previous month, June, Iran’s oil export was between 300 to 350 thousand barrels of oil a day.

Prior to the U.S leaving the JCPOA, Iran was exporting over 2.5 million barrels each day.

Despite this export drop, oil prices have been decreasing in the international market. According to a Kpler report, recent tensions between Iran and the US has not had a significant impact on Iran’s ability to sell oil in international markets. The report adds that due to the lack of buyers, Iran has been forced to store 56 million barrels of oil.

Some sources in the industry say that some tankers turn off their signal while loading oil in Iran, therefore there is no way to know the exact amount of oil being exported by Iran.


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