Iranian crude oil exports declined in May as the country prepared for the return of US sanctions, according to figures gathered by the energy consultancy Petro-Logistics.
Iran said it exported an average of 2.6 million barrels a day (b/d) in April.
This is thought to have declined to around 2.5 million b/d in May.
US President Donald Trump announced America’s withdrawal from the 2015 nuclear agreement on 8 May.
Trump’s decision started a countdown for the return of US sanctions on Iran.
While many of these sanctions will return 90 days after Trump’s announcement, on 6 August, the sanctions that focus on oil and the broader energy sector will return after 180 days, 4 November.
Currently the biggest importer of Iranian oil is China, followed by India, South Korea and Turkey.
Together the top four consume more than 60 per cent of Iran’s exports.
You might also like...
McDermott completes financial restructuring exercise
28 March 2024
Region heads for hotel boom
28 March 2024
Lowest bidders emerge for Kuwait housing project
28 March 2024
Redcon wins Red Sea Triple Bay infrastructure deal
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.