Iran’s light crude oil exports fall by 46%

Exports of Iran’s ultra-light crude, known as condensate, have fallen by 46 per cent in comparison with the period March to September last year, ISNA reported on Sunday. The figures were revealed by Iranian customs officials.

The figure for March to September this year was 4.644 million tons, down from 8.629 million in the same period in 2017.

What’s more, Iran’s currency has recorded a sharp decline due to the weak economy and other financial difficulties facing local banks.

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Meanwhile, the demand for US dollars in Iran has increased since Washington pulled out of the nuclear deal with Tehran. Iranians fear a decline in exports and yet another economic crisis.

New US sanctions against Iran are set to take effect in November.