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Iran's crude exports to drop this month
- Iran: Monday, March 18 - 2013 at 07:40
Iran's March crude oil exports may drop by a quarter compared with a month earlier to the lowest since Western sanctions came into effect last year, squeezing income for Tehran as sanctions cast doubt over its future revenues, Reuters has reported, citing industry sources said. The fall may result in a revenue loss of about $1bn, as Iran's customers will load 810,000 barrels per day (bpd) of crude in March, compared with about 1.1 million bpd in February, according to an industry source with direct knowledge of the matter and a company that tracks the country's crude shipments. The drop may be partly due to Indian refiners struggling to find insurance cover to process Iranian crude because of sanctions, as well as the seasonal shutdown of refining capacity elsewhere in Asia.
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