Iran’s crude oil exports dropped to 700,000 barrels per day in May – about a third of the country’s oil exports since June 2011.
The decline equals a loss of more than $300million in revenue for Iran, compared to April’s exports, and comes after US and European sanctions aimed at minimising Tehran’s funding for nuclear weapons.
The US government is looking to further cut Iran’s shipments – to less than 500,000 bpd through a new line of sanctions announced by President Barack Obama.