Iran to raise oil exports to Europe by 60% within two months

March 18, 2017

TEHRAN- Iran will increase oil exports to Europe by 60 percent by the next two months, National Iranian Oil Company’s managing director said, IRNA reported on Saturday.

“Currently, oil exports to Europe stands at 500 thousand barrels per day and we are planning to raise it to 800 thousand barrels per day by the next two months,” IRNA quoted Ali Kardor as saying.

After the lifting of the sanctions, Shell and Total each have imported two consignments of Iranian oil, each to the tune of two million barrels, he said.

“Eni has also bought two million barrels of oil. Moreover, we have exported some oil to Spain,” Kardor explained.

The International Energy Agency (IEA) has predicted that Iran will expand its oil production capacity by 400,000 bpd to reach 4.15 million bpd in 2022.

IEA also said the forecast hinges on whether the accord to lift international sanctions remains in place. Having been released last year from trade restrictions, Iran has introduced a new contract model to attract foreign investors.

MG

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