Iran Exports Oil to Europe Since Nuke Deal

Iran Exports Oil to Europe Since Nuke Deal

Posted on Posted in Business

The first shipment of Iranian crude oil to the European Union in more than three years is going to depart on 15th February, Iranian officials said. A tanker chartered by French energy giant Total SA is expected to sail with 2 million barrels on Monday and two other ships which will carry 1 million each to Spain.

IRNA said that several western tankers have loaded Iran’s oil in recent days. Iran expects an economic stimulation after the lifting of sanctions, which will allow it to access overseas assets and sell crude oil more freely. The country used to export 2.3 million barrels per day but its crude exports fell to 1 million in 2012. Iran’s total production currently stands at 3.1 million barrels per day.

Iran is trying to rebuild its oil output after sanctions were lifted in January, with plans to boost production and exports by 1 million barrels a day this year. Supply deals were signed with Total SA of France and Hellenic Petroleum SA of Greece. Iran pumped 2.86 million barrels a day in January, according to data compiled by Bloomberg. In order to retake its market share, Iran said in January that it will add to its production despite the drop in prices and should not be blamed for the further price drops. Iran’s regional rival Saudi Arabia is OPEC’s largest producer.

Iran gas oil exports to Tajikistan

Earlier, in February, after months of negotiations and the removal of international sanctions, the first shipment of Iranian gas oil was exported to Tajikistan to turn the Central Asian country into the third customer of Iran’s fuel oil after Iraq and Afghanistan. The amount of gasoil export to the Central Asian country has been 2.9 million liters in the first shipment. Considering the high quality of Iranian oil products, more demand is expected to occur on the part of neighboring countries and countries like India.

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