According to data from the International Energy Agency (IEA), Iran’s crude oil and condensate exports averaged 1.1 million bbl/d in 2013, 1.4 million bbl/d less than the volume exported in 2011. Iran’s ability to sell oil was substantially impeded by new sanctions imposed by the United States and the EU, which went into effect in summer 2012. Iran’s exports increased in the beginning of 2014. From January to May 2014, Iran’s exports averaged 1.4 million bbl/d, 300,000 bbl/d higher than the 2013 annual average, according to the IEA. China and India accounted for nearly all of that increase. Effects of 2011-12 sanctions According to the IEA, Iranian crude oil and condensate exports declined by 1 million bbl/d in 2012 compared with the previous year. The decline is attributed to new sanctions imposed by the United States and the EU at the end of 2011 and during the summer of […]