Oil production in Iran amid the US sanctions could fall to a minimum since the 1980s, when oil production in the country suffered from the war with Iraq, WSJ reported.
In April, Iran's production fell by 130 thousand b / d - to 2.61 million b / d. As previously reported, the US did not renew from May, temporary permits for the import of Iranian oil, issued in November to eight countries.
Iranian oil exports fell from 2.6 million b / d in April last year to 1.3 million b / d in April of this year.
As previously reported, a number of countries of the OPEC + alliance, including Russia and Saudi Arabia, have already voiced their willingness to meet the demand of customers in the event of a shortage of supply. According to the IEA, Saudi Arabia, Iraq, Russia and the United Arab Emirates can replace medium-heavy varieties of Iranian oil. As for gas condensate, Iranian supplies may be replaced by similar ones from Australia and Qatar.
In April, Turkey purchased 190 thousand b / d of Iranian oil compared to 140 thousand b / d in March, and Japan and South Korea stopped purchasing Iranian oil in April.