The Iranian authorities are set to bring back oil production and export volumes to the pre-sanctions levels in the near term. Iran’s Minister of Economic Affairs and Finance Ali Tayebnia said that exports of Iranian oil would amount to 2 million barrels per day.
Meanwhile, crude oil prices climbed to near $40 per barrel.
As reported by Reuters, after sanctions were lifted and Iran returned to the global oil market, shipments of Iranian crude are very likely to reach 2 million barrels daily.
Iran plans to raise its oil exports to 1.65 million bpd in March compared with 1.5 million bpd in the previous month as a result of higher shipments to Europe. National Iranian Oil Company (NIOC) is expected to ship 250,000-300,000 bpd to Europe in March under the terms of agreements with French Total and Spanish refining company Cepsa, effective from March 1.
On Sunday, the Monte Toledo oil tanker delivered 1 million barrels of Iranian crude oil to Spain. This is the first tanker into Europe after the lifting of nuclear sanctions against Iran.
