Iranian oil exports drop prior to US sanctions

Iranian oil exports drop prior to US sanctions

Iran has witnessed a drop in oil exports ahead of America’s second round of sanctions to be imposed on the Middle Eastern nation, according to a global banking institute.

The Institute of International Finance (IIF) found exports of crude oil and condensates between April and September 2018 fell by 0.8 million barrels a day, from 2.8 million barrels a day to 2 million, despite Iran selling at discounted rates and transporting shipments at no extra cost.

The IIF, which represents major banking and financial institutes from around the world, said the Iranian economy could contract 3% this year and 4% in 2019 as a result of the sanctions that will come into effect on 4th November.

The remaining members of the 2015 Iran nuclear deal, that the US withdrew from in May, have agreed to continue to trade with Tehran despite concerns over whether or not this will be possible.

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