Dubai (CNN Business)US sanctions have failed so far to shut down Iranian oil exports, and some countries are reportedly close to gaining exemptions to allow them to continue buying from Tehran without fear of punishment even after a looming deadline to halt all purchases.
Oil industry analysts estimate that Iran sold about 1.5 million barrels a day on world markets in October, even as it braced for the sanctions to take full effect on Sunday.
“This is an above and beyond expected result,” said Iman Nasseri, managing director for the Middle East at Facts Global Energy. “The Trump administration wanted to see zero out of Iran in November. We never believed that’s a realistic outcome.”
