IEA: Iran Exporting Oil Despite US Blockade

The International Energy Agency (IEA) has said that Iran is exporting 1.4 million barrels of oil per day (bpd) in spite of the US naval blockade in the Strait of Hormuz.

In its latest oil market report, the agency announced that OPEC oil production fell by 620,000 barrels in April, the second month of the US-Israeli war against Iran, to 20.18 million barrels per day.

This is while in March, the first month of the war against Iran, OPEC oil production level had also fallen by 8.95 million barrels per day due to the blockage of the Strait of Hormuz and the conflicts in the region.

Accordingly, during the two months of the US imposition of war against Iran, OPEC's total production has decreased by 9.57 million barrels per day. The 32% drop in OPEC oil production during this period shows that other OPEC members outside the GCC region have not been able to effectively compensate for the drop in oil production from this region. - Mehr