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Iran will cease diesel exports from September as it starts to build inventories ahead of the peak demand period starting in the autumn, an official from the state’s production and supply arm said. The world’s fifth-largest crude exporter has been exporting up to 450,000 barrels a month of diesel since the end of the second quarter, the official from the National Iranian Oil Products Distribution Company said.

“We have now come to the equilibrium stage. Now we are in the process of planning for the fall demand and looking to start building our stocks,” the official added.