The International Energy Agency (IEA) reported today that Iran’s crude oil exports fell again in April and could be down by as much as one million barrels a day this quarter as many countries reduce imports ahead of sanctions that come into effect on 1 July [Wall Street Journal, 11 May].
Iran's oil production remained steady at 3.3 million barrels a day in April, but 15% to 25% of that oil wasn't sold and had to be pumped into floating tanker storage, the IEA said. The process can continue for couple of more months before the storage capacities are reached and some oil fields are shut down.
Preliminary trade figures show Iran’s crude exports fell by 600,000 barrels a day to 1.6 million barrels a day in April. IEA said a top official at Iran’s oil ministry declined to comment on the latest data.