The International Energy Agency reports that Iran’s crude oil exports faced a sharp decline in April.

The Wall Street Journal quotes the IEA report saying: “Iranian exports of crude oil fell sharply again in April and could be down by as much as 1 million barrels a day this quarter as many countries reduce imports ahead of sanctions that come into effect on July 1.”

According to this report, Iran produced 3.3 million barrels a day in April, but 15 to 25 percent of it went unsold and it remained stored in tankers.

The IEA says, however, that Iran can only rely on such storage for another two months, and as the tankers fill up, Iran’s has to reduce production.

OPEC member states are reported to have increased their oil production; therefore, reports indicate that the oil market is well supplied.

OPEC analysts have also reported that Iran’s daily oil production has fallen by 153 thousand barrels since January.