Iran’s oil exports plunged by 600,000 bpd in the first half of August

Iranian oil exports averaged 1.68 million between August 1 and 16 - down 600,000 barrels per day (bpd) from the July average of 2.32 million bpd, according to Platts preliminary tanker tracking data.

Further, the details reveal Iran's biggest customers have begun scaling back imports or Iranian oil ahead of the US sanctions. For instance, China, the largest buyer of Iranian oil, scaled back loadings to 615,688 bpd from 722,100 bpd in July, according to oilprice.com.

Meanwhile, Indian oil imports from Iran tanked to 203,938 bpd in the first half of August, compared to 706,452 bpd in July.