Oil Exports Hits New Low of 860,000 bpd
Iran’s oil production has fallen to its lowest since the end of Iran-Iraq war in 1988. The International Energy Agency (IEA) reported today that the Iranian supply fell by 220,000 barrels per day (bpd) in September to 2.63 million bpd. The decline is much steeper than previously expected and is due to mounting Western sanctions.
Meanwhile, Iranian exports slipped to 860,0000 bpd in September, the IEA reported. This is a new low. Iran exported 2.2 million bpd at the end of 2011.
“Whereas many expected the sanctions to lose some bite in September as Iranian exporters and some of their clients were reportedly seeking ways to get around insurance constraints, in fact compliance appears to have tightened," the IEA said. (Reuters, 12 October)
File Photo: IRNA