Iran’s Oil Exports Have Collapsed to ZERO

Iran’s oil industry has been brought to a standstill, and the economic consequences are becoming impossible to ignore. Iran’s seaborne crude oil exports collapsed from a 14-day average of 230,000 barrels per day at the beginning of September to ZERO, remaining there into October. This is an extraordinary development for a country that depends upon petroleum revenues to finance its government, support its currency, and obtain the foreign exchange necessary to purchase imports. Washington has spent decades attempting to cripple Iran’s economy through sanctions, but the naval blockade has accomplished something far more devastating in a matter of weeks. Claire...