Thursday, January 3, 2019

"Full Impact Of U.S. Sanctions Coming Into View: Iran’s Exports Halve"

From Radio Farda (a Radio Free Europe/Radio Liberty property):
Latest figures released by Iran on December 30, indicate that the country’s non-oil exports have halved alongside a plunge in oil exports, after the United States imposed oil-related sanctions on November 4.

The country exported only $1.867 billion non-oil goods during November 21-December 22, less than half of Iran’s monthly average during the current fiscal year, which started on March 21, 2018.
The plunge in exports was partly due to a complete stoppage in ultra-light oil (gas condensate) sales, which Iran includes in non-oil export basket. The monthly gas condensate export has averaged at about $330 million, or only a seventh of the drop in total non-oil exports during November 21-December 22.

In the other world, U.S. oil-related sanctions also seriously impacted Iran’s non-oil exports as well. The U.S. also imposed financial sanctions on Iran in August, but the details of custom’s statistics does not show any meaningful change in the non-oil exports level during the August-November period.
Source: Custom statistics ($ Billion/month)
Source: Custom statistics ($ Billion/month)
During the first nine months of the fiscal year (FY), the country has exported about 5.6 million metric tons of gas condensate at $2.776 billion, which indicates a 50% decline year-on-year.
However, the country’s total non-oil exports during March 21-December 22 reached $33.36 billions, or 4.5% more than the same period in last FY.

Despite this growth, Iran has fulfilled less than 70% of its non-oil export target for the period.
Its non-fuel imports also declined 13.3% year-on-year to $32.62 billion.

Oil exports
Iran does not reveal its crude oil export volume officially, but Reuters reported recently that the country’s oil and gas condensate exports to Asia plunged to a five-year low of 664,800 barrels per day (b/d). The volume was about 1.7 million b/d in 2017 and 1.5 mb/d during ten months of 2018...

Combined with the internecine fights over water we mentioned yesterday and things could get volatile for the mullahs:
"Iran drought turns political as lawmakers fight over water share"