Sanctions slash Iranian oil exports

Ongoing sanctions against Iran are taking an unexpectedly dramatic toll on oil exports from the struggling Middle Eastern nation, according to Reuters.

New data released by the International Energy Agency estimated Iran's oil exports at around 860,000 barrels per day in September. That marks a more than 60 percent decline from the end of last year and knocks the country down several places among the ranks of the world's oil exporters.

"We had expected compliance to erode slightly at the margin - some of the participants were trying to evade constraints on shipping - but we haven't seen any evidence of that yet," Antoine Halff, the head of the agency's Oil Industry and Markets Division, told Reuters.

Iran has attempted to work through the sanctions, which among other facets prevent European insurers from covering oil tankers transporting Iranian crude, by offering to cover its own oil tankers to deliver to customers.

However, Reuters reports that the sanctions have already had a sharp impact with the first company losing its coverage over potential breaches of the sanctions.

Impacts of the Iranian oil sanctions are explored at PennEnergy's Research area.

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