Iran may slash oil sales outlook, store more as sanctions bite

“Apparently, the government wants to decrease the 1392 (the next Iranian year starting on March 21) state budget’s reliance on oil exports to one million barrels a day,” parliamentarian Gholamreza Mesbahi Moqaddam was quoted as saying by Fars.

The International Energy Agency (IEA) estimates that Iranian oil exports dipped below 1 million barrels per day (bpd) over summer as U.S. and European Union sanctions on Tehran tightened.

With exports down sharply and fewer oil tankers available to store the excess, Iran’s Press TV reported on Sunday that Iran plans to build millions of barrels of additional storage facilities in the Gulf over the next few months.


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