IRAN

Iranian Output Drops in May 

After hitting around 2.3mn b/d in April, Iran's oil production appears to have dropped to around 1.8mn b/d in May, largely as a result of efforts by NIOC to tighten up on barter and discount deals with traders. MEES understands that Iran is now insisting on prices f.o.b. Sirri of $26.40-26.45/B for Iranian Light and $26.10-26.15/B for Iranian Heavy. There have been few takers at these prices and deliveries to Japanese customers have more or less...