Iran’s oil export 'likely' to drop by 500k bpd following new sanctions

TEHRAN, Jul. 10 (MNA) – According to the latest statistics of the National Iranian Oil Company (NIOC), Iran’s oil export volume will likely decrease 500,000 barrels per day (bpd) with restart of sanctions.

According to NIOC, Iran exported more than 2,280,000 barrels of crude oil and also over 330,000 barrels of gas condensates in June 2018.

Despite two months passed since Trump pulled US out of JCPOA, Iran’s oil export volume has not changed, so that Iran’s oil customers are importing its crude like before.

One of the institutes affiliated to the Bank of America, which is regarded as second largest bank in the US, announced that if Washington managed to pull down Iran’s oil sales to zero level by Nov., oil price would reach to more than $120 per barrel.

Analysts also believe that unexpected and sudden stop in Iran’s oil export may lead to oil price jump.

Organization of Petroleum Exporting Countries (OPEC) member states and Russia have recently agreed to add one million oil barrels to their oil output volume.

However, most countries as main buyer of Iranian oil, except China and Turkey, have announced that they would reduce their oil import from Iran significantly.

According to the latest statistics of the National Iranian Oil Company (NIOC), US has not thus far managed to materialize its objectives in this regard.

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News Code 135549

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