Rhodium
Group reported today that Iran’s oil exports in July fell to an average of
940,000 barrels a day, lower than the estimates published by the International
Energy Agency for the same period. In June, Iran exported 1.7 million bpd.
The oil
revenues in July dropped to $2.9 billion, as compared to $9.8 billion for the
same period last year.
The numbers
are expected to rise in Iran’s favor in the coming months as the country Asian
customers are finding new ways to get their oil shipments from Iran insured.
Analysts also expect China to increase its purchase of Iranian spot oil at
discounted prices. Together, Iran could sell as much as 1.3 million bpd, which
is still nearly half their historical export level of 2.2 million bpd.
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