Iranian crude oil exports have fallen in May to 500,000 barrels per day (bpd) or...
LONDON - Iranian crude oil exports have fallen in May to 500,000 barrels per day or lower, tanker data showed and industry sources said, after the United States tightened the screws on Tehran’s main source of income, 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 this month ended sanctions waivers importers of Iranian oil. The bulk of the crude is heading for Asia, the industry sources said. It is unclear who is buying and whether the oil is heading to end-users or storage.“The destinations are essentially India and China,” one of the industry sources, who declined to be identified, said. “No more to Europe or to Turkey.”
Iranian exports have become more opaque since U.S. sanctions returned in November. Tehran no longer reports its production figures to the Organization of the Petroleum Exporting Countries and there is no definitive information on exports.Crude exports of 500,000 bpd would be towards the lower end of expectations, based on comments this month from an Iranian official and an OPEC delegate.
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