Iran oil exports fall before U.S. sanctions: global banking group

Iranian oil exports are declining ahead of a second round of U.S. sanctions to be imposed on Nov. 4 and Iran’s economy is likely to contract 3 percent this year and 4 percent in 2019, the Institute of International Finance said on Tuesday.

Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said.

It said crude oil and condensates exports were 2.8 mbd in April and are now estimated at 2.0 mbd in September.

Read more:https://www.reuters.com/article/us-iran-nuclear-oil-iif/iran-oil-exports-fall-before-u-s-sanctions-global-banking-group-idUSKCN1M52U9

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