Iran oil exports cut by 1.7mn bpd since May 2018

Iran’s oil exports have been cut by 1.7 million barrels per day (mb/d) since May 2018 when the US withdrew from the Iran nuclear deal, according to the International Energy Agency (IEA).

In just the last month, Iran exported 300,000 fewer barrels per day (bpd) compared to March, falling to around 1.1 mb/d.

“Further tightening of sanctions on Iran will have an impact on its export capacity,” the IEA, a watchdog for oil consuming countries, said in a statement Tuesday.

“Iranian shipments of crude and condensates are running around 1.1 million barrels a day (mb/d) in April, 300 000 barrels a day lower than March, and 1.7 mb/d lower than May 2018,” it added.

Washington imposed sanctions on Iran’s oil sector – the Islamic Republic’s main source of revenue – in November 2018 after withdrawing from the 2015 Iran nuclear deal.