BREAKING NEWS

Sanctions cut Iran's July oil exports to near 1 m. bpd

By REUTERS

JULY 5, 2012 14:36

SINGAPORE/TOKYO - Iran's daily oil exports in July could fall below half the average shipped in 2011 before tough new Western sanctions stemmed the flow.

Japan and South Korea, among Iran's top oil buyers, have halted all Iranian imports this month due to sanctions imposed by Brussels on Sunday that aim to cut Iran's oil revenues and force Tehran to curb its disputed nuclear programme.

Exports in July will fall to a maximum of 1.1 million barrels per day (bpd), said an industry source familiar with Iran's monthly shipping plans who declined to be named due to the sensitivity of the matter. Actual exports are likely to be less as top buyer China disputes freight costs with Iran's top tanker company, delaying the loading of cargoes set to flow east.

India could also reduce its July loadings as Iran struggles to find tankers of the size Indian refiners require do to port constraints. India is Iran's second largest customer.

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