Iran’s July Oil Exports Drop Nearly 45 Percent

The Wall Street Journal reported that Iran’s oil exports fell almost 45 percent in July, in part due to US sanctions and a European Union embargo on the country’s oil, both of which are aimed at encouraging Iran to compromise about its nuclear program.

As quoted in the market news:

Iran’s oil profits dropped to an estimated $2.9 billion in July, Rhodium said, down from $9.8 billion in the same month last year. The numbers don’t reflect revenue Iran is collecting from oil it is allegedly smuggling out of the country.

Energy analysts cautioned that oil-trade data were volatile and the picture could change in coming months as Iran tries new ways to reach foreign markets. Among other things, Iran’s customers may overcome difficulties getting their oil shipments insured.

Click here to read the full report from The Wall Street Journal.