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.
The reason could be the , the decline of the need for oil.
after US/EU now China and Japan are slip in to recession.
look only at Chinese Export balance im April, a SHARP DECLINE AGANIST LAST YEAR
I doubt that decline in demand is the reason, Anon 8:29.......
T"he 12-member cartel, which accounts for about a third of global oil supply, pumped some 31.62 million bpd in April, up 0.32 million bpd from March, with members Iraq, Libya, Saudi Arabia, Nigeria, and Angola hiking production.
Iran on the other hand saw output drop, OPEC said, citing secondary sources."
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