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US Sanctions Successfully Bring Down Iran’s Oil Exports: Hochstein

OIL

Iran is under extreme sanctions by the US which is significantly bringing down Iran’s oil exports, Amos Hochstein, the US Energy Security Advisor said to Bloomberg.

  • “If we weren’t enforcing sanctions on Iranian oil, Iran today would be back to where they were before sanctions which is at around 2.5-3mbpd”, Hochstein said.
  • “They [Iran] have an enormous amount of reserves and resources. And the reason that they are not doing that is they are under sanctions. Sometimes we are able to bring down their exports 1-1.1mbpd, sometimes it goes to 1.4mbpd like it is right now, so those are a bit seasonal. But by a large they are under extreme sanctions“, he added.
  • Vortexa data showed Iran’s crude and condensate exports averaged 1.4mbpd in 2023.
  • The Iranian Oil Ministry claims crude output is at 3.4mbpd with plans to rech 3.8mbpd in the next Persian calendar year.

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