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According to a report by Mehr News Agency, quoting latest data from Iran’s national oil company, Iran’s oil exports are expected to drop by 500k bpd  with the restart of sanctions. The latest US sanctions are  set to come in effect from August and the harshest sanctions will hit in November.

Market reaction to the headline turned out to be rather muted as market participants were looking for a drop of something between 500k-2 million bpd.