Energy
0

NIOC Crude Exports Plunge 700,000 bpd Since August

NIOC Crude Exports Plunge 700,000 bpd Since AugustNIOC Crude Exports Plunge 700,000 bpd Since August

The National Iranian Oil Company's exports have plummeted sharply since the beginning of August, as traditional customers like China, Japan and India have curtailed their purchases in view of the reimposition of US sanctions in November, a senior energy analyst said. 
Morteza Behrouzifard added that the country's crude sales dropped by 700,000 barrels to 1.68 million barrels per day in August, a 20% decrease from the same period in July, ILNA reported.
The dramatic falloff coincides directly with US President Donald Trump’s  withdrawal from the Iran nuclear deal on May 8, which lifted sanctions about two years ago.
"Even with substantial discounts, big oil buyers will opt for the US due to their national interests," he said.

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com