Iranian oil exports fall as US sanctions loom

03 June 2018
Exports were down by 100,000 barrels a-day in May compared to April

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.

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