by Armin Baldwin
Since last May, Iran’s customers have been pressured to cut their purchases of Iranian oil and freeze out OPEC’s third largest producer from the world oil market. In a recent statement, National Security Advisor John Bolton said that the U.S. wants Iran’s oil exports to drop to zero.
Following the U.S. withdrawal from the 2015 nuclear deal, the U.S. is re-imposing sanctions on Iran, and has threatened secondary sanctions on any country that continues to buy oil from Iran. So far, the campaign seems to have been effective. In the first half of August, Iran’s oil exports fell by 600,000 bpd, plunging from 2.32 million bpd to 1.68 million bpd. Iran’s exports have been falling all year, and reached their lowest level in four months by July, before taking a real plunge in August.