Tehran cuts output as storage capacity nears limits, potentially tightening global oil supply further.
Iran has reduced its crude oil production by 400,000 barrels per day as storage facilities reach capacity. The move follows months of elevated output despite sanctions, limiting available storage space for unsold barrels.
Prior to the cut, Iran had maintained production near 3.4 million bpd, close to pre-sanction levels. Analysts had expected output to remain steady, but logistical bottlenecks and limited export options forced the reduction.
The cut could ease downward pressure on oil prices if global demand remains stable, though market impact may be muted by existing OPEC+ supply adjustments.