Iran’s oil exports will probably decline by 50 percent when European sanctions take full effect in July, the International Energy Agency said.
Shipments will fall by at least 800,000 barrels a day, David Fyfe, head of the IEA’s market and industry division, said by phone from Paris, citing discussions with market participants. Iran exported just below 2 million barrels a day last month, compared with 2.6 million in November, the IEA, adviser to 28 industrialized nations, said in a report today. Iran’s oil minister said exports haven’t decreased.
