IEA: Iran's oil supply drops as U.S. sanctions bite
Iran's oil production could slump to its record-low level since the 1980s due to the U.S. sanctions, according to a monthly report issued by the International Energy Agency.
"Crude oil output in Iran fell 130 kb/d to 2.61 mb/d in April ahead of the ending of U.S. waivers to eight buyers of Iranian oil. Already at the lowest level since September 2013, production in May could tumble to levels not seen since the 1980s war with Iraq," the IEA said.
The report also detailed the agency's forecast for global oil demand growth in 2019 which is predicted to be reduced by 90,000 barrels per day to 1.3 million barrels per day.
In May, U.S. President Donald Trump ended the sanctions waivers that allowed Iran to keep exporting about 1.1 million barrels a day of crude in March.