How sanctions will deeply impact Iran’s oil exports
Iran, Jun 1, 2018 - Iran’s oil exports decreased in May according to assessment provided by companies monitoring oil tankers across the globe. This indicates how the threat of U.S. sanctions are already forcing customers of Iranian oil to have second thoughts.
Statistics provided by Reuters show Iran’s crude oil export in May reached 2.5 million barrels per day, indicating a 100,000 bpd decrease. Financial sanctions will prevent further oil trade with the Iranian regime, especially considering the fact that banks are becoming increasingly concerned.
It is expected that all of Iran’s oil and gas exports to Asia and Europe will nosedive to 1.96 million bpd, reports indicate. Asian customers purchasing oil from the Iranian regime have already decreased their purchases from Iran by one third. Japan will not be receiving any oil from Iran this month.
Iran’s oil export plunge comes at a time when the regime’s Oil Ministry has decreased prices for its Asian customers, especially India. In addition to discounts on the price of oil, the Iranian regime is also providing discounts to India on oil shipping prices.
Iran’s oil export to Asia has already dropped to 1.12 million bpd this month, registering the lowest amount from 2015 to this day. The highly flawed Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), was signed in July of that year.
The “Shana” news agency, associated to the Iranian regime’s Oil Ministry, reported all of Iran’s crude oil and gas exports last month at 2.6 million barrels.
However, Reuters’ assessment places the actual export figures at 252,000 lesser than Shana’s numbers. The U.S. Energy Information Administration has estimated Iran’s oil production at 3.85 bpd.
A variety of European and even Russian companies are ending their trade relations with Iran as intensifying U.S. sanctions against the Iranian regime kick in this month, and the three and six-month deadlines are counting down for the return of secondary sanctions.
Following the U.S. pulling out of the JCPOA, Iranian regime foreign minister Mohammad Javad Zarif described the nuclear deal as a “dying patient.”
The U.S. Treasury Department statement following the JCPOA exit explains how Iran sanctions will return in 90 and 180 days. These measures include oil, sale of airplanes and currency sanctions.
U.S. National Security Advisor John Bolton also emphasized foreign companies have this time window to end their relations with the Iranian regime.
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