‘Iran Feb oil exports hit 20-month high’

In its monthly report released on Friday, the IEA said Iran’s February oil exports were up 240,000 bpd month-on-month, a development stemming from Iran’s nuclear deal with the six world powers.

“Imports of Iranian oil are running well above 2013 levels for the third consecutive month,” the IEA report added.

China imported 168,000 bpd more oil from Iran while India and South Korea increased their oil purchase from Iran respectively by 93,000 bpd and 83,000 bpd.

The IEA said Iran’s March oil exports “will likely be revised upwards closer to February levels upon receipt of more complete data.”

Iran and the five permanent members of the UN Security Council -- the United States, China, Russia, France and Britain – plus Germany reached an interim nuclear deal in the Swiss city of Geneva on November 24, 2013.

Under the deal, which went into effect on January 20, Iran agreed to limit certain aspects of its nuclear activities as a confidence-building measure, and the world powers undertook to provide Iran with some sanctions relief.

On April 9, Secretary General of the Organization of Petroleum Exporting Countries (OPEC) announced that the Vienna-based energy organization plans to provide additional crude oil output from Iran.

Abdalla el-Badri said OPEC expects gradual increases from Iran and Iraq, while Libya could also enhance its oil production by as much as one million barrels within a month.
/SR