Iran Oil Revenue Drops Sharply as US Maritime Blockade Cuts Offshore Stockpiles to 29 Million Barrels From 90 Million
JH Kim
Summary
- Iran’s oil revenue is falling rapidly as a U.S. maritime blockade restricts the country’s crude exports.
- Iranian crude stockpiles stored outside the Gulf have fallen from 90 million barrels to 29 million barrels, and shipments to China are also declining.
- The decline in oil revenue is pressuring the Iranian government’s fiscal capacity and worsening inflation and rial weakness.
Forecast Trend Report by Period
Iran’s oil revenue is falling rapidly as a U.S. maritime blockade restricts the country’s crude exports.
Walter Bloomberg reported on September 7 that Iranian crude stockpiles stored outside the Gulf had fallen to 29 million barrels from 90 million barrels. Shipments bound for China, the main buyer of Iranian crude, are also declining.
Oil revenue provides about one-third of the Iranian government’s budget. As export restrictions persist, the government’s fiscal capacity is coming under pressure.
The decline in oil revenue is adding to broader strains on Iran’s economy, fueling inflation and deepening weakness in the rial.
JH Kim
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