Iran Slashes Oil Production by 400,000 bpd Amid US Naval Blockade

US Energy Secretary Chris Wright reported on Thursday that Iran has significantly reduced its oil production by 400,000 barrels per day. According to Wright, this reduction is likely to continue as Iranian storage units fill up and exports are hindered by the naval blockade of Iranian ports. The US naval blockade has severely impacted Iran's ability to export crude, with shipping data showing that only a handful of carriers carrying Iranian oil have left the Gulf of Oman between April 13 and 25.

This represents an over 80% decline in exports compared to March, when Iran exported 23.4 million barrels. Wright stated that this reduction is an 'additional incentive' for Iran to cooperate with international efforts to end its nuclear program and restore the flow of traffic through the Straits of Hormuz. He emphasized that while it's uncertain whether Iran will cooperate willingly or not, a resolution is inevitable.