Iran's oil exports grind to a near halt

Fereidun Fesharaki, Chairman Emeritus of energy consultancy FGE NexantECA, stated that only 200,000 to 300,000 barrels of Iranian oil per day are reaching the market through Iraq. According to Bloomberg's vessel-tracking data, no crude oil was loaded onto tankers in Iran during September and October. As a result, one of Iran's most important sources of revenue has come under severe pressure following more than eight months of war.

Fesharaki stated that following the U.S. midterm elections, Tehran views President Donald Trump as politically weakened and has put forward demands that Washington cannot accept. He assessed that reaching an agreement between the two sides in the near term would be difficult and warned of a high risk of further attacks on Iran. Before the war, China was the largest buyer of Iranian oil, while the sharp decline in exports is reportedly increasing pressure on the country's foreign currency revenues.