Stringent new sanctions imposed by the United States and European Union against Iran have curbed the country’s oil exports by more than 1 million barrels a day, according to new data released by the International Energy Agency.
The IEA data, released late last week as part of a little-
noticed annual report, paint the first detailed picture of how hard the sanctions have hit Iran: The agency estimates that the country’s oil exports have fallen by almost a third in the past three months, representing a substantial loss of income for the government.
The effect has been compounded, the agency said, because Iran’s government was apparently caught off-guard by buyers’ strict compliance with the sanctions and by new restrictions preventing shipping insurance for vessels delivering Iranian goods. Actual deliveries of oil from the country dropped to a new low of 860,000 barrels a day in September.
The sanctions are only getting tighter. On Monday, the E.U. voted to expand measures already in place, targeting banking institutions, energy companies and shipping. It said in a statement that the measures were aimed at the regime and “not aimed at the Iranian people.”