Iran's crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of US sanctions may be deterring buyers. The estimates from Geneva-based Petro-Logistics also suggest Iranian oil buyers are not rushing to cut volumes from Opec's third-largest producer. The US sanctions have a 180-day period during which buyers should "wind down" purchases.
US President Donald Trump on May 8 said the United States was exiting a 2015 international nuclear deal with Iran and would impose new sanctions that seek to reduce the country's oil shipments. "Exports are down by more than 100,000 barrels per day (bpd) from the very high levels seen in April, but there is no sign of a mass exodus at this time," Daniel Gerber, chief executive of Petro-Logistics, told Reuters.
Supply and demand in large parts of the oil market is opaque and Petro-Logistics is among a number of consultancies that estimate supply from Opec countries by tracking tanker shipments and other methods.
Petro-Logistics did not specify the absolute volume of Iran's exports in May or April.
Iran said it exported 2.6 million barrels per day (bpd) in April, a record since the lifting of international sanctions on Tehran in January 2016.
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