Iranian crude production fell 200,000 b/d from July to 3.52 million b/d in August as US sanctions loom, and apparent hedging activity indicates some traders are preparing for a potential price spike above $80/b as a result of further declines in Tehran’s exports, the Energy Information Administration said Tuesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Iran’s production has dropped 310,000 b/d since April, EIA said. In May, President Donald Trump announced the US would withdraw from the Iran nuclear deal and reimpose sanctions on Iran’s oil buyers. S&P Global Platts Analytics expects 1.44 million b/d of Iranian crude and condensate to leave the market when the US secondary sanctions snap back November 5, compared with April levels. EIA said apparent hedging activity in the crude options market suggest some traders have lined up financial protection, anticipating higher prices as the US […]