Less than a year out from President Trump’s May 2018 announcement that the United States is withdrawing from the JCPOA, Iran’s oil industry is struggling more than many anticipated.

Before Donald Trump’s announcement, Iran was exporting over 2.5 million bpd. As of December – one month after sanctions on the banking, oil, and shipping sectors came back into effect – Iran was exporting just 1.1 million bpd.

The downswing is having a predictable effect on Iran’s economy, and President Hassan Rouhani recently warned that his country is facing its most severe economic challenge in 40 years.