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U.S. Oil Sanctions Trigger Recession In Iran

December 14, 2020 by

After the U.S. ended all sanction waivers for Iran’s oil customers on May 2, Iran’s crude oil exports dropped significantly in May this year compared to April and plunged by more than 2 million bpd off their 2.5-million-bpd peak in April 2018, just before the U.S. withdrew from the Iran nuclear deal and moved to re-impose sanctions on Iran’s oil industry.

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