Iran- There Is No Reduction in Oil Export

Iranian Oil Minister Bijan is denying social media reports which have depicted Iran’s oil exports as declining within the face of US sanctions, however, didn’t provide alternate figures, according to Tehran Times, who cited IRIB.

In late May, media reported that Iran’s exports had been down month on month, more than 2 million barrels per day off their April 2018 peak of 2.5 million barrels per day. On time, Reuters reported that Iran’s May 2019 exports plunged to just 400,000 barrels per day—a shadow of a figure that Iran now vehemently says is fake.

Zanganeh didn’t present different figures, including that it was not within the country’s most significant interest to do it. Since the levying of sanctions by the US, Iran has used techniques such as switching off transponders that would permit its oil exports to be quantified and tracked, making the estimates of its oil exports just that—estimates. Iran is now claiming it has new techniques to shield its exports, in addition to new destinations for its oil, but failed to supply additional details.

If Russia follows through with its commitment to help Iran with its oil exports, or if Europe ever will get its payment system up and working, the US could have a tough time bringing its oil exports to zero.

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