Only 1.1 Million Barrels!

Only 1.1 Million Barrels!

In the first week of this October, Iran’s crude oil export volume dropped to 1.1 million barrels/day. That was a sharp decrease from the 1.6 million barrels/day in September. The export volume was calculated based on the shipping data.

The U.S. announces to start a new sanction on Iran on November 4 and make it impossible for Iran to export any crude oil. In early October, only China, India and some other countries in the Middle East imported crude oil from Iran. The sharp decrease in the global crude oil supply is expected to continue pushing up crude oil prices.