During the same time Iran has produced 215,000 barrels of oil per day less than the quota defined by OPEC for the country. As Iran's Oil Ministry has announced from the beginning of 2010 Iran has produced 3,585,000 barrels while it is committed to do 3,800,000 barrels a day.
Reportedly it is due to the fact that the demand for Iranian oil has reduced. Earlier India's top private oil company, Reliance Industries was importing 90,000 barrels of crude from Iran's Soroush and Norouz oil fields in south Iran, but now it has decided to avoid trading with the Islamic Republic.
The company has also halted exporting gasoline to Iran to avoid the US punishment asserted for companies which sell gasoline to the country. The United States is to stop Iran's nuclear program by waiving sanctions against Tehran particularly in oil industry sector.
Meanwhile some European and Chinese companies have limited their imports from Iran and Japan's purchase of Iranian crude in 2010 is expected to drop 11 percent on year to the lowest level in 17 years. Iranian oil officials say although it has been claimed that China will decrease its oil imports from Iran by 40%, the measure has not been taken yet.
But the issue at stake is that from the New Year, Iran has lost $26,460,000 (378,000 × $70) per day because of the steps taken to halt or limit oil imports from the country. The financial damage will reach above $9,525,000 and as the oil experts maintain, it will specifically put a negative impact on the development projects of the Islamic Republic.
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