U.S. sanctions on Iran take effect in a little over two weeks, and the Trump administration has already had quite a bit of success in knocking Iranian supply offline. But, at the same time, it is very far from its goal of cutting Iranian oil exports to “zero” as it has promised. The International Energy Agency estimates that Iran’s oil exports fell to 1.6 million barrels per day (mb/d) in September, down 800,000 bpd from a recent peak in April at 2.4 mb/d. The losses are expected to continue, but few analysts really believe the Trump administration will manage to cut Iran’s exports to zero. According to Reuters , “an unprecedented volume of Iranian crude oil is set to arrive at China’s northeast Dalian port this month and in early November before U.S. sanctions on Iran take effect.” An estimated 20 million barrels are destined to flow from Iran […]