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Iran oil minister: no immediate export rise after deal

Iran reached a deal with six world powers to restrict its nuclear program in exchange for a limited sanctions relief

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Iran does not expect its oil exports to rise immediately after Sunday’s interim nuclear deal, Iranian oil minister Bijan Zanganeh was quoted saying by the Financial Times newspaper.

Iran and six world powers reached a deal on Sunday to curb Tehran’s nuclear program in exchange for limited sanctions relief.

A senior Iranian industry official had said on Tuesday that the deal should make it easier to export Iran’s oil, thanks largely to plans to ease a European shipping insurance ban.

But Zangeneh told the FT in an interview he did not expect any immediate impact on Iran's crude oil exports.

European Union (EU) officials said on Monday that some sanctions on Iran might be relaxed in December, but it could be January before the necessary legislative changes are made.

U.S. and EU sanctions that have slashed Tehran’s oil exports from 2.5 million barrels per day (bpd) to around 1 million remain in place and Washington has said it will not allow exports to rise for at least six months.