Iran's oil export to Asia, Europe expected to drop by 42.5% in 2012

Officials in the oil industry estimated that Iran's oil export to Asia and Europe will drop by 42.5% this year compared to 2011. As per the estimation, the number of barrels exported per day is set to go down from 740,000 to 425,000.

China, India and Japan, the top three buyers of Iranian oil, together buy about 45% of the Islamic Republic's exports and all of them are planning cuts of at least 10%. (Reuters)