Christopher Alessi, WSJ, quotes Commerzbank analysts, here…
””News that China is now also reducing its oil purchases from Iran presumably gave the final push. This is likely to see Iranian oil exports fall by 1.5 to 2 million barrels per day,” the analysts wrote in a daily note Tuesday.
Buyers of Iranian crude, including China and India, have been reducing their imports ahead of the implementation of U.S. sanctions on the Islamic Republic’s oil industry at the start of November.
Officials at the state-run National Iranian Oil Co. have said they provisionally expect crude shipments to have dropped to about 1.5 million barrels a day in September, compared with 2.3 million barrels a day in June, according to people familiar with the matter.”