-- The U.S. blockade on Iranian oil exports is beginning to materially disrupt flows, sharply reducing loadings and forcing production cuts, according to a report from Kpler.
Iran's loadings have dropped to about 567,000 barrels per day (bpd) according to the report and added that production cuts are expected to rise as much as 1.5 million bpd by mid-May.
While the immediate revenue impact is limited due to shipping and payment lags, Kpler estimates losses could reach $200 million to $250 million per day in the coming months.
The report also said that the blockade more than symbolically pressures Iran, adding that curtailing "production comes with higher opex. Iran is also a major grain, corn and rice importer. Lower imports of these agricultural products will drive higher inflation internally."