Big drop in Iranian oil exports: Reuters

Iranian oil exports in December will fall by one quarter compared to November of 2012, Reuters reports.

According to Reuters, Iran’s oil exports will fall to its lowest level since the EU and U.S. sanctions on Iranian petroleum sector took effect in July of 2012. The report adds that Iran’s oil imports in November were 1.8 million barrels and in December they are predicted to fall to 834,000 barrels.

Iran’s oil exports have fallen by close to 50 percent since the U.S. and EU sanctions took effect this year. The U.S. has warned Iran’s oil purchasers that if they do not reduce their oil dealings with Iran, they will be penalized in their trade dealings with the U.S.

According to the U.S., Iran is now sustaining $5 billion in losses per day due to the sanctions.

Meanwhile, the U.S. Foreign Department announced that nine countries have been exempted from U.S. trade penalties, indicating that they have complied with U.S. demands to reduce their dealing with Iran. The countries are China, Turkey, India, South Korea, South Africa, Singapore, Malaysia, Taiwan and Sri Lanka.

The U.S. and EU says their sanctions are meant to make Iran malleable to Western demands about its nuclear activities. Iran insists, however, that its nuclear activities are peaceful and, as an NPT signatory, it has a right to them.