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Iran Crude Oil Exports Suffer Major Decline Amid US and EU Sanctions
Jan. 07, 2013 04:01PM PST
Oil and Gas InvestingBloomberg reported that Iran’s crude oil shipments have dropped at least 40% in the last nine months as the United States and European Union tighten their sanctions in their aim to deter its nuclear program.
Bloomberg reported that Iran’s crude oil shipments have dropped at least 40% in the last nine months as the United States and European Union tighten their sanctions in their aim to deter its nuclear program.
As quoted in the market news:
Formerly the second-biggest producer in the 12-member Organization of Petroleum Exporting Countries, Iran has slipped to fifth place behind Saudi Arabia, Iraq, Venezuela and Kuwait, according to data compiled by Bloomberg. It pumped 2.66 million barrels a day in December, 40,000 barrels a day less than in November, the data show.