Oil sanctions could cost Iran $25bn a year

The Trump administration has granted a 180-day waiver to Iran’s eight biggest oil buyers, allowing them to keep buying oil at reduced rates

Iran’s crude and condensate exports (million barrels per day)

May: President Trump withdraws from Iran nuclear deal – sanctions to be re-imposed

Jul: South Korea ends imports
 
Sep-Oct: Iranian tankers go “dark.” Transponders switched off to avoid tracking systems and conceal where Iranian oil headed

Nov: Trump re-imposes sanctions, sets limit on imports

0  1  2  3  
Jan 2.11
Feb 2.51
Mar 2.54
Apr 2.83
May 2.73
Jun 2.58
Jul 2.39 
Aug 1.98
Sep 1.72
Oct 1.60
Nov 1.50

Sanctions cut exports by 47% from April peak

Exports peak at 2.83 mb/d
China 0.73
India 0.66
South Korea 0.27
Europe 0.54 
Japan 0.16
Rest of world 0.47

180-day waiver limits imports to 1.5 mb/d

China 0.36
India 0.30
South Korea 0.13
Japan, Italy, Greece, Taiwan, Turkey 0.71


Sources: Bloomberg Tanker Tracking, Reuters, The National © GRAPHIC NEWS