Iran Exports Oil Product as Sanctions Cut Crude Sales

Iran, holder of the world’s fourth-biggest proven crude reserves, is exporting more oil products as western sanctions reduce the amount of crude it ships overseas, the country’s oil minister said.

Iranian crude exports have fallen by about 20 percent and most of the volumes have been replaced by products, Oil Minister Rostam Qasemi told reporters today in Vienna, where the Organization of Petroleum Exporting Countries met to determine production policy. He didn’t specify a timeframe for the decline in shipments.