Iran's Oil Exports Plummet Amid Ongoing US Blockade

In a significant shift in the global oil market, Iranian oil exports have plummeted to just 248,000 barrels per day in August, down from the March-April average of 1.85 million barrels daily.

Kpler, a commodity intelligence firm, reports that this decline is due to the ongoing US blockade, which has made it increasingly expensive for Tehran to export oil.

In contrast, non-Iranian crude exports from the Persian Gulf have surged to 5.2 million barrels per day in the week starting August 3, with some ship-to-ship transfers included.

Kpler analyst Homayoun Falakshahi notes that the renewed US blockade is having a 'progressively more expensive' impact on Iran's oil exports.