Iran Oil Exports Slide After US Sanctions

Iran’s oil exports fell in the first two weeks of June, despite it was highest after JCPOA in May.

  • Bloomberg

Iran's export of crude oil and condensate, dropped by 16 percent to 2.114 million barrels a day during the first two weeks of June, compared with the same period in May.

the flows in the 14 days of June would still be the weakest for the period in 12 months. Supertankers haul about 2 million barrels each, meaning that the timing of a single loading could affect daily flows by 143,000 barrels over a two-week period.

Shipments heading toward European Union countries fell by a third, as buyers in Spain, Greece and Italy all loaded smaller volumes in June than during the corresponding period in May. Turkey, which has been buying almost 200,000 barrels a day of Iranian crude on average this year, has lifted none so far in June.

However, Iran’s oil exports hit 2.7 million barrels per day (bpd) in May, the Oil Ministry’s news agency SHANA reported. It was a new record since the lifting of international sanctions on Tehran in January 2016. Iran exported 300,000 bpd of natural gas condensate in May, SHANA reported, and 2.4 million bpd of crude oil.(Shana, Bloomberg)