Petro-Logistics: Iran's oil exports fall in May, after US quits nuclear deal
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LONDON - Iran's crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of US sanctions may be deterring buyers.
The estimates from Geneva-based Petro-Logistics also suggest Iranian oil buyers are not rushing to cut volumes from OPEC's third-largest producer. The US sanctions have a 180-day period during which buyers should "wind down" purchases.
"Exports are down by more than 100,000 barrels per day (bpd) from the very high levels seen in April, but there is no sign of a mass exodus at this time," Daniel Gerber, chief executive of Petro-Logistics, told Reuters.
Supply and demand in large parts of the oil market is opaque and Petro-Logistics is among a number of consultancies that estimate supply from OPEC countries by tracking tanker shipments and other methods.
Petro-Logistics did not specify the absolute volume of Iran's exports in May or April.
