Friday, April 11, 2014

Iran Oil Exports Surge to 1.65 Million bpd

Iran’s oil exports have surged to their highest level in almost two years after the Joint Plan of Action (JPOA) was signed between Iran and world powers as part of ongoing negotiations to end Iranian nuclear impasse.

The International Energy Agency (IEA) reported today that Iran’s crude exports in month of February reached 1.65 million barrels per day, the highest since June 2012 when major oil sanctions went into effect. (Reuters, 11 April)

IEA reports shows that imports of Iranian oil are running well above 2013 levels for the third consecutive month. China, India and South Korea accounted for most of the increase.

In March, oil imports could show lower numbers due to seasonal factors that typically push imports higher in months of January and February. The final figures for March will be released later this month.

The current level of 1.65 million bpd far exceeds the one-million-bpd limit set under JPOA.

File photo: Iran oil export terminal at Kharg Island. (Getty Images)

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