The International Energy Agency has reported that Iran's oil exports have fallen 40 percent since the beginning of the year. The agency reports that due to Western sanctions, Iran is currently exporting only 1.5 million barrels per day, down from 2.5 million at the end of 2011. Tehran denies any difficulties in oil sales.
The IAE said it believes Iran is still producing 3.3 million barrels per day, down from 3.5 million last year, and is stockpiling the unsold oil. Additional sanctions will be implemented soon, as the EU is set to impose a full embargo of Iran's oil July 1.