TEHRAN - The European Union embargo on Iranian crude due to come into effect on Sunday, on the heels of further United States sanctions, has bitten deeply into Iran's all-important oil sector.
Despite official denials, Iran oil exports have plummeted some 40% in the past six months, to 1.5million barrels per day, according to the International Energy Agency (IEA).
Storage facilities and anchored tankers are close to saturation as Iran tries to avoid cutting production from its oil fields.
The IEA said up to 42million barrels of oil were being kept in the stationary tankers.
EU embargo already hurting Iran oil exports
TEHRAN - The European Union embargo on Iranian crude due to come into effect on Sunday, on the heels of further United States sanctions, has bitten deeply into Iran's all-important oil sector.
Despite official denials, Iran oil exports have plummeted some 40% in the past six months, to 1.5million barrels per day, according to the International Energy Agency (IEA).
Storage facilities and anchored tankers are close to saturation as Iran tries to avoid cutting production from its oil fields.
The IEA said up to 42million barrels of oil were being kept in the stationary tankers.
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