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Iran's Oil Output Dropped By 142 Thousand Barrels Per Day in June 2019

AUSTRIA - Iran's Oil Minister Bijan Zanganeh listens to journalists at the beginning of an OPEC meeting in Vienna, Austria, July 1, 2019

The latest monthly report by OPEC says Iran's oil output in June has dropped by 142,000 barrels per day compared to previous month and reached 2,225,000 barrels.

Iran's output was 3.8 million barrels per day before the returning of U.S. sanctions.

Meanwhile estimates show that Iran's oil export has dropped below 300,000 barrels per day. The figure was 2.5 million barrels per day before the sanctions.

The United States withdrew from the nuclear deal with Iran and ended sanction waivers for Iran's customers in May as part of the economic pressures on Iran to agree to a new deal with the West.

The OPEC report puts the cartel's overall output in June at 29.830 million barrels. The figure was over 32 million barrels in 2017.

The decline in OPEC's overall output is because of the drop in Iran and Venezuela's oil production.