Data show US sanctions hitting Iran’s oil exports hard | Financial Times:
Data on Iran’s crude exports bear the scars of US sanctions on the oil producer, with December figures showing a fall to just 1.1m barrels a day — almost 60 per cent down from levels in the spring.
The volume of Iranian exports was one of the key focuses for oil traders in 2018, as the US moved to reimpose punishing economic measures on the Opec member. President Donald Trump reversed a deal which had sought to curb Iran’s nuclear enrichment programme in return for the re-opening of international oil markets, among other incentives.
The threat of reimposing sanctions supported prices for most of the year, as traders anticipated the new measures could lead to a severe shortfall of supplies in the market. However, when ultimately introduced in November they ended up triggering crude’s fourth quarter sell-off.
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