IEA: Iran's oil exports fall in Sept, may slip further

October 12, 2012 15:00

LONDON - Iran's oil supply, which has fallen to the lowest in more than two decades, is unexpectedly continuing to decline due to Western sanctions, in a further strain to the country's financial resources.

In a report on Friday, the International Energy Agency estimated Iranian supply fell by 220,000 barrels per day (bpd) to 2.63 million bpd in September, a steeper decline than other estimates of Iranian output last month.

The drop in Iranian supply is supporting oil prices and hurting Tehran's oil revenues, deepening hardship for a population deprived of basic imports and adding pressure on the government over its nuclear program.

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