Iran oil exports surpass 2 million barrels per day

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, in this July 25, 2005 file photo. (Reuters)

Iran’s oil exports have surpassed 2 million barrels per day following the lifting of sanctions under its nuclear deal with world powers, Oil Minister Bijan Zanganeh said on Sunday.

“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, an OPEC member, has the world’s fourth-largest oil reserves but its exports were long hampered by sanctions over its nuclear programme.

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 Friday, Saudi deputy crown prince Mohammed bin Salman reiterated Riyadh’s position that other major producers, including Iran, would need to do the same.

His remarks drove down oil prices, with US benchmark West Texas Intermediate for delivery in May sliding $1.55 (4.0 percent) to $36.79 a barrel on the New York Mercantile Exchange.

Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47