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22 April 2024

Iran reduces oil supply to Asian, European customers in line with Opec cuts

Iranian media says the country has reduced its oil supplies to Asian and European customers in line with Opec’s latest round of output cuts.

Sunday’s report from the semiofficial Mehr News Agency has quoted Iran’s Opec governor, Mohammed Ali Khatibi, as saying the country’s Asian and European customers have been informed of the cuts.

The Organization of Petroleum Exporting Countries has cut output by 4.2 million barrels per day since September. But even the latest 2.2 million barrel per day reduction, that went into effect on January 1, has failed to boost prices that are currently about 70 per cent below mid-July highs of almost $150.

Iran relies on oil for about 80 per cent of its foreign income.