Iran's Oil Exports In June Have Collapsed

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf

Reuters: As Trump's sanctions bite, Iran's oil exports slide further in June

LONDON (Reuters) - Iranian crude exports have dropped so far in June to 300,000 barrels per day (bpd) or less after the United States tightened the screw on Tehran's main source of income, industry sources said and tanker data showed, deepening global supply losses.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. Aiming to cut Iran's sales to zero, Washington in May ended sanctions waivers to importers of Iranian oil.

Iran has nonetheless sent abroad about 300,000 bpd of crude in the first three weeks of June, according to two industry sources who track the flows. Data from Refinitiv Eikon put crude shipments at about 240,000 bpd.

"It's a very low level of real crude exports," said one of the sources.

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WNU Editor: I am surprised by how low the Iranian crude export numbers are .... 300,000 barrels per day (bpd) in June. This is a huge drop, and even more surprising (to me) that the world's price for oil is still stable. As for what is impact of this crisis on the average Iranian, this is a sobering read .... Iranians say their ‘bones breaking’ under US sanctions (AP).

from War News Updates http://bit.ly/2X4W8nX