Iranian Oil Exports Down, Could Drop Lower

Reuters reported that data from the International Energy Agency shows that Iran’s oil exports fell to 860,000 barrels per day in September, a new low. If Western sanctions continue, the country’s exports could descend even lower in the coming months.

As quoted in the market news:

The drop in Iranian supply is supporting oil prices and hurting Tehran’s revenues, deepening hardship for a population deprived of basic imports and adding to pressure on the government over its nuclear programme.

The comment came as a surprise as the IEA has itself predicted Iranian exports may start picking up after a steep July plunge. Some industry executives agreed with the IEA on Friday that it was too early to predict an arrest in decline.

Click here to read the full Reuters report.