Iran exports of oil surpass 2 mln barrels

Baku. 4 April. REPORT.AZ/ Iran’s oil exports have surpassed 2 million barrels per day following the lifting of sanctions under its nuclear deal with world powers, Report informs, Iranian Oil Minister Bijan Zanganeh said Shana Agency.

“Iran’s oil and gas condensate exports are now at more than 2 million barrels per day” after rising by 250,000 bpd since March 1, the ministry’s Shana news service quoted Zanganeh as saying.

Iran has doubled exports since its nuclear accord took effect on January 16. Iran has the world’s fourth-largest oil reserves but its exports were long hampered by U.S. sanctions.

It has moved ahead with an increase in exports despite global concerns over a supply glut that has pushed oil prices to below $40 a barrel, from more than $100 a barrel in mid-2014. 

Top exporter Saudi Arabia has said it is willing to consider an output freeze to help shore up prices. But in an interview published on April 1, Saudi deputy crown prince Mohammed bin Salman reiterated Riyadh’s position that other major producers, including Iran, would need to do the same.