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Investment Gold man Management ae Iranian Oil Production Has Plummeted Division Iranian Oil Production and Exports (Million Barrels/Day) aa 4 —Preduction — — Exports (3-Month Moving Average) 4.5 - Jan-12 May-18 EU agrees to ban US Withdraws 4.0 - Iranian oil imports 38 en JCPOA Nov-18 US sanctions—» go into effect Jul-15 JCPOA Signed 39-Jul-12 —7 = Ban imposed 2.6 = 55 _ by US andallies ,. 3's F ‘ 2.6 2“* | goes into effect an Coe = 20 - ; = oO L = 4 4 i: vn 18 - 0.9 | Latest: 0.5 “md 0.0 T T T T T T T T 2011 2012 2013 2014 2015 2016 2017 2018 2019 = Since the US withdrew from the JCPOA in May 2018: — Iranian oil production has fallen by 1.2 million b/d — Exports have fallen from 2.6 million b/d to 0.5 million b/d month-to-date in May (0.9 million b/d on a 3-month moving average) = Tran will continue to send a few hundred thousand b/d of oil exports despite harsh US secondary sanctions. 13 HOUSE_OVERSIGHT_026957 Source: Investment Strategy Group, Bloomberg, cFlow Data (Platts Global Crude).