Iran Oil Exports to Asia Falls, Shipments to Drop 12% in 2013 on US Sanctions

Reuters reported that Iran’s crude exports to Asia, which is its biggest customer, went down by a quarter in 2012 and shipments are expected to fall to at least 12% this year due to pressure from US sanctions.

As quoted in the market news:

Asia’s main oil buyers cut imports from Iran to an average of 1.09 million barrels per day in 2012, government and industry data shows, and planned cuts in term contracts for 2013 point to further reductions of at least 135,000 bpd.

Click here to read the full Reuters report.