Iran’s crude exports are set to drop by about a quarter in December from the preceding month to the lowest since tough sanctions were applied this year, shipping sources said, as the OPEC-member comes under pressure to curb its nuclear programme, Reuters reported.
Oil shipments by Iran have more than halved in 2012 due to U.S. and European sanctions on its oil trade, straining Tehran’s finances, pressuring its currency and igniting inflation.
Most of the crude would have gone to energy hungry Asian buyers – China, India, Japan and South Korea — with the drop in December shipments from November representing a loss of about $800 million for Iran at current oil prices.
China, Iran’s top trading partner, is expected to drive the cut by lifting the lowest volume for the year, said the sources, who declined to be identified because of policies on talking to the media.
Iran’s customers, including Turkey, the only non-Asian buyer, will lift 834,000 barrels per day (bpd) of crude in December compared with 1.08 million bpd in November, an industry source with direct knowledge of Tehran’s shipping plans said.
