In a clear sign buyers are shirking from Iranian oil, the country has started storing unsold crude in supertankers – so-called floating storage. AFP / ATTA KENARE
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With nearly 50 days to go before new U.S. oil sanctions against Iran enter into force, U.S. President Donald Trump has already managed to crush the country's petroleum exports, dealing severe economic damage to Tehran.Iranian oil exports have plunged about 35 percent since April, the month before Trump ripped up the diplomatic deal that President Barack Obama negotiated to curtail Tehran's nuclear program and announced new oil sanctions.In the first two weeks of September, Iran sold an average of 1.6 million barrels a day, down from 2.5 million barrels a day in April, according to Bloomberg tanker tracking.A group of oil-market analysts predicted in April that sanctions wouldn't cut exports by more than 800,000 barrels a day. South Korea, a major importer of Iranian crude in the past, hasn't shipped any oil from Iran for 75 days.According to Bloomberg tanker tracker data, Iran now has four supertankers carrying about 7 million barrels of crude anchored off its main export terminals for at least seven days.
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