Investment Gold man
Management a
Iranian Oil Production Has Plummeted Division
Iranian Oil Production and Exports (Million Barrels/Day)
a 4 —Preduction — — Exports (3-Month Moving Average)
4.5 - Jan-12 May-18 EU agrees to ban US Withdraws
4.0 - Iranian oil imports 38 en JCPOA
Nov-18 US sanctions—» go into effect
Jul-15 JCPOA Signed
39-Jul-12 —7
s Ban imposed 2.6
= 55 _ by US andallies wr» F ‘ 2.6 2 “* | goes into effect an Comme
= 20 - :
= oi 1 =
= oO L - oy -
| Latest: 0.5 “md
0.0 T T T T T T T T 2011 2012 2013 2014 2015 2016 2017 2018 2019
= Since the US withdrew from the JCPOA in May 2018: — Iranian oil production has fallen by 1.2 million b/d
— Exports have fallen from 2.6 million b/d to 0.5 million b/d month-to-date in May (0.9 million b/d on a 3-month moving average)
= Tran will continue to send a few hundred thousand b/d of oil exports despite harsh US secondary sanctions.
13 HOUSE_OVERSIGHT_026957
Source: Investment Strategy Group, Bloomberg, cFlow Data (Platts Global Crude).