Iran’s oil exports hit 2.7 million barrels per day in May 2018, the oil ministry’s news agency Shana reported.
Iranian exports of gas condensate from Iran stood at about 2.7 million barrels per day. This is a record volume since January 2016, since the entry into force of OPEC's export quotas. According to Shana, Iran exported the total of 2.4 million bpd of oil and 300,000 bpd of gas condensate.
At the same time, many countries intend to reduce imports of Iranian oil after the US decision to restore economic sanctions on Tehran. For example, Japan has significantly reduced oil shipments from Iran on amid a general decrease in raw materials purchases. Lower imports of Iranian oil is planned in India.
On June 2, OPEC ministers from Saudi Arabia, UAE, Kuwait, Algeria, and non-OPEC member Oman gathered in Kuwait for an unofficial meeting of a joint ministerial committee that monitors compliance with the production cut agreement. Currently, no major changes are expected.
