Iran Oil Exports Fall Below 300,000 Barrels Daily in May

Iran's crude oil exports dropped below 300,000 barrels per day in May, marking the lowest level in at least six years, according to commercial sources cited by Reuters. The decline follows intensified U.S. pressure on Iranian ports, which has sharply constrained the country's ability to ship oil abroad. Iranian crude prices fell and were offered at a discount for the first time since April, as traders sought to attract buyers amid weakening demand. Russian crude premiums also declined as suppliers cut prices to compete for Chinese customers. Independent small refineries in China's Shandong province remain the primary buyers of sanctioned Iranian oil. Kepler oil analyst Shu Moyuo said small independent refineries have sustained significant losses due to elevated operating costs and sluggish fuel demand. Some facilities reduced production rates in May as profit margins narrowed, the analyst noted.