Iran’s Crude Exports Fall Significantly After US Reimposes Sanctions
After the US reimposed sanctions on Iran preventing the sale of crude oil to any other country, Iran’s crude exports have dwindled down to 300,000 bpd in June. The US had reimposed sanctions on Iran after unilaterally pulling out of a 2015 nuclear accord, but had permitted eight countries to continue importing limited quantities of Iranian crude for six months.
These sanction waivers ended in May, cutting down Iran’s crude oil exports to zero. Despite this move, Iran managed to export around 300,000 bpd of crude to private companies in the first three weeks of June.
Prior to the US’s decision to withdraw from the nuclear accord, Iran had exported up to 2.5 million bpd in April 2018, which fell to around 400,000-500,000 bpd by May 2019. However, accurate reports on Iran’s crude exports since the reimposition of US sanctions since Iran has stopped reporting this data to OPEC.
Following the recent attacks on oil tankers in the Gulf region, the US government has announced a fresh round of sanctions against Iran, which could isolate the country to an additional extent.
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