Iranian oil exports will slide in May as the United States tightens the screws o...
LONDON - Iranian oil exports will slide in May as the United States tightens the screws on Tehran’s main source of income, industry sources said, deepening global supply losses caused by U.S. sanctions on Venezuela and OPEC-led cuts.
Washington, aiming to cut Iran’s sales to zero, said all sanctions waivers for those importing Iranian oil would end this week. Iran says this will not happen, although its officials are bracing for a drop in supplies. “It’s important to note that zero oil sales in May doesn’t mean that there will not be oil deliveries to China or India in the month,” she said.Analysts at Energy Aspects expect a drop in Iranian shipments to around 600,000 bpd from May onwards.
The OPEC member exported between 1.02 million bpd and 1.30 million bpd of crude and condensate in April, Refinitiv Eikon and Kpler, a company that tracks oil flows, estimate.The dearth of information is a headache for other OPEC members and allies, which meet to set oil supply policy in June. OPEC canceled an April meeting, partly due to this uncertainty.
Kayrros, a company that tracks oil flows, put Iranian crude exports in March at 1.40 million to 1.65 million bpd.
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