Reuters reported that data from the International Energy Agency shows that Iran’s oil exports fell to 860,000 barrels per day in September, a new low. If Western sanctions continue, the country’s exports could descend even lower in the coming months.
As quoted in the market news:
The drop in Iranian supply is supporting oil prices and hurting Tehran’s revenues, deepening hardship for a population deprived of basic imports and adding to pressure on the government over its nuclear programme.
The comment came as a surprise as the IEA has itself predicted Iranian exports may start picking up after a steep July plunge. Some industry executives agreed with the IEA on Friday that it was too early to predict an arrest in decline.