The report came amid concerns among some Western countries that JPOA, the interim agreement between Iran and world powers on their nuclear impasse, might have relaxed the sanctions regime, raising Iran’s crude exports well beyond JPOA’s cap of 1 million bpd, which does not include condensates. In February, in fact the exports rose to a 20-month high at 1.58 bpd. But the figures for March and April show the numbers are back to their pre-JPOA levels.
Earlier today, Iranian Oil Minister Bijan Zanganeh had said Iran’s oil exports would be averaging 1.5 million bpd. The IAE’s estimates put it at 1.1-1.2 million bpd range.
File photo: Iran’s oil export terminal in Kharq Island (Getty Images)