Iran Oil Exports Plunge After US Exits Nuclear Deal, Re-Imposes Sanctions - Energy Dept.

Iran's crude oil production and exports declined sharply after the May announcement that the United States would pull out of the 2015 nuclear agreement and re-impose sanctions on Tehran, the US Energy Information Administration (EIA) said in a press release on Tuesday.

WASHINGTON (UrduPoint News / Sputnik - 23rd October, 2018) Iran's crude oil production and exports declined sharply after the May announcement that the United States would pull out of the 2015 nuclear agreement and re-impose sanctions on Tehran, the US Energy Information Administration (EIA) said in a press release on Tuesday.

"Iran's exports of crude oil and condensate peaked in June at about 2.7 million barrels per day (b/d), more than 300,000 b/d higher than the average during the first four months of the year (before the May announcement of sanctions)," the release said. "In September, Iran's crude oil and condensate exports fell to 1.9 million b/d."

The EIA pointed out it was unclear whether Iran's energy exports declined entirely due to the re-imposition of US sanctions or whether other factors also contributed to the decline, the release said.

China will continue to import Iranian crude while Iran's other big customer, India, would most likely at least comply partially with US sanctions, the release said.

France has imported no crude oil or condensate from Iran since June while imports to Italy and Spain in September were lower than average for the first half of the year by 27,000 b/d and 15,000 b/d respectively, according to the release.

The re-imposition of US sanctions is taking place in stages, with November 4 the date when all sanctions waived by the previous Obama administration will come back in force.