Iran's Oil Output In December Down 520,000 BpD Compared To October To 2.8Mln BpD - IEA

Oil production in Iran, constrained by the US sanctions, in December dropped by 520,000 barrels daily, compared to October, to 2.8 million barrels daily, the report by the International Energy Agency (IEA) showed Friday

MOSCOW (UrduPoint News / Sputnik - 18th January, 2019) Oil production in Iran, constrained by the US sanctions, in December dropped by 520,000 barrels daily, compared to October, to 2.8 million barrels daily, the report by the International Energy Agency (IEA) showed Friday.

According to the IEA, the output in Iran last month "fell 170 kb/d m-o-m to 2.8 mb/d, down 1.03 mb/d on December 2017 as US sanctions hit harder."

"Production and exports sank to the lowest level since 2015, with shipments of crude oil falling to roughly 940 kb/d, according to tanker tracking.

Many of Iran's tankers have switched off their transponders in an effort to skirt US sanctions, thus tracking oil sales has become more difficult," the report read.

US President Donald Trump said in May that Washington would leave Iran's nuclear deal and reintroduce sanctions against Tehran. The first package of restrictive measures took effect in August, while the second one, concerning Iran's oil exports, went into force in November. However, several countries were granted temporary waivers for importing Iranian oil.