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situation report

Dec 6, 2012 | 13:59 GMT

Iran: Crude Exports Hit New Lows, Sources Say

Iran's crude exports are expected to drop by roughly a quarter in December from November to the lowest levels since new sanctions were applied earlier in 2012, unnamed industry sources with direct knowledge of Tehran's shipping plans said Dec. 6, Reuters reported. The drop would lead to a loss of some $800 million for Iran at current oil prices. Driving the decline is China, which is expected to import its lowest volume of oil in 2012, the sources said. Overall, Iranian crude exports have been more than halved this year due to the U.S.-led sanctions. Oil is the primary source of U.S. dollars for Iran, and the export drop has sparked a currency crisis.

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