Iranian oil exports are falling further in June as more customers in Europe and Asia stop or scale back purchases ahead of European Union sanctions aimed at slowing Tehran’s nuclear program, Reuters
reported Wednesday, June 20. Crude exports from Iran so far this month have dropped to between 1.2 million barrels per day (bpd) and 1.3 million bpd, compared to 1.5-1.6 million bpd in May and 2-2.2 million bpd a year ago. The latest decline indicates Iran may have lost as much as 1 million bpd of oil exports – worth around $90 million a day – due to the threat of an E.U. ban starting July 1 that also bars E.U. insurance firms from covering Iran’s exports. As sales fall, Iran has been storing unsold oil on tankers in the Gulf.