Iran’s oil sales slump by 50pc even before US sanctions
Experts predict that Iran’s oil exports will continue to fall steeply in the next two months, plunging as low as 0.8mb/d iby November, when US sanctions on its oil sales go into force on the 4th of the month. Although Russia, China and Europe have promised to help Iran export its oil on political grounds, US sanctions are taking effect ahead of their due date in three business sectors: Banks are shunning the Iranian oil trade; shippers face difficulties in finding insurance for cargoes; and European refiners, despite political support for Tehran in Brussels, have already sharply cut purchases of Iranian crude.
