Iran oil production reached a 25-year low as its main export destinations seek to avoid the effect of sanctions, the FT’s Javier Blas reports.
May production is expected to come in at just 2.6 million barrels a day, a level not seen since the end of the Iraq-Iran war. They’d been pumping 3.5 mb/d prior to the sanctions.
Blas reports countries who did not sever ties with Iran faced punitive action from the U.S. and E.U. like losing insurance on refineries.
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