Iran Crude Oil Exports Suffer Major Decline Amid US and EU Sanctions

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.

Click here to read the full Bloomberg report.