Iran's oil output has reached its lowest level in 20 years, independent data showed Wednesday, as the impact of sanctions dramatically deepens.
Iran
's
oil output has reached its lowest level in 20 years, independent data showed
Wednesday, as the impact of sanctions dramatically deepens.
The output decline underscores how pressure on
Iran
is
increasingly hurting its coffers--with oil and gas normally accounting for over
half of its export revenue.
According to Vienna-based JBC Energy GmbH,
Iran
's
crude output fell to 3.2 million barrels a day in April, down 150,000 barrels a
day in two months. That level hadn't been hit since the aftermath of the
Iran-Iraq war in 1990.
Iran
's
oil industry is targeted by a tightening web of sanctions over its nuclear
program. The West suspects the program has military aims--which
Iran
denies.
The decline is "the result of the country's growing isolation due to its
nuclear program," JBC said in a note.
For years, oil-field production in
Iran
has been hindered by sanctions that bar
U.S.
and European companies from investing there or supplying technologies to
Tehran
.
But since the beginning of the year, the measures have been compounded by
sanctions directly targeting its oil sales. They include a planned European
Union ban on imports of Iranian oil, which has led to a 14% decline in the
country's crude exports in March as refiners anticipate the embargo.
But
Tehran
's
oil sales are also coming under pressure in its core markets such as
Japan
or
China
. There,
the
U.S.
has been lobbying governments to cut Iranian oil imports in exchange for an
exemption on a ban to deal with
Iran
's
central bank.
Data released Thursday by
Japan
's
Ministry of Economy, Trade and Industry showed that the country imported 36%
less oil from
Iran
in
March 2012 from a year earlier.
China
's
customs service figures also show March imports of Iranian oil have fallen by
more than half compared with last year.
State-owned National Iranian Oil Co Wednesday denied any drop in exports to
Japan and China and has always maintained its production is unaffected by
sanctions.
India
's
two largest importers of crude oil from
Iran
will also cut Iranian oil imports by at least 15% at the request of the
government, people with direct knowledge of the matter said Wednesday.
Though Iran's production was already hit by previous sanctions, the latest
round targeting exports "is making things worse--reducing the amount of
money Tehran itself has available to invest," said Trevor Houser, a
partner at New York-based economic research firm Rhodium Group.
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