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Iran's Oil Production at Lowest Level in 20 Years
(Dow Jones-Wall Street Journal) Benoit Faucon - Iran's oil output has reached its lowest level in 20 years, independent data showed Wednesday, as the impact of sanctions dramatically deepens. According to Vienna-based JBC Energy GmbH, Iran's crude output fell to 3.2 million barrels a day in April, down 150,000 barrels a day in two months. A planned EU ban on imports of Iranian oil has led to a 14% decline in the country's crude exports in March as refiners anticipate the embargo. Tehran's oil sales are also coming under pressure in its core markets such as Japan or China. Data released Thursday by Japan's Ministry of Economy, Trade and Industry showed a 36% decline in Iranian oil imports in March 2012 compared to a year earlier. China's customs figures also show March imports of Iranian oil have fallen by more than half compared with last year. India's two largest importers of crude oil from Iran will also cut oil imports by at least 15%.