Iranian oil exports rise

Iran's oil exports increase after EU and U.S. sanctions are relaxed.

Iranian oil exports rise

World Bulletin / News Desk

Iran's oil exports rose to one million barrels per day Iran's official news agency IRNA said quoting Ali Majidi, Iranian Deputy Minister of Petroleum, Tuesday.

This is due mainly to international sanctions against Iran being relaxed since November 2013 following talks aimed at a nuclear reconciliation between Iran and the West.

Foreign direct investment and the exportation of other goods have also risen because of the increased political and economic stability in Iran.

The country produces 2.7 million barrels of oil per day and exports one million barrels per day currently said Majidi, speaking an oil conference in Dubai. He also forecasted that Iran will produce 3.7 million barrels a day by July.

The EU brought Iranian oil exports to a near standstill in July 2012, due to a ban on all Iranian petroleum imports as well as the imposition of insurance and reinsurance bans by European institutions, according to the U.S. Energy Information Administration.

Holding the world's fourth-largest proven oil reserves Iran's average exports of crude oil in 2011 totaled around 2.5 million barrels per day a figure which dropped to around 1,53 million barrels a day in 2012 and under 1 million barrels a day in 2013 as the West tightened sanctions.

Last Mod: 16 Nisan 2014, 10:03
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