Iran’s Oil Exports to Europe Hit Record High in May: Report

News ID: 1431943 Service: Economy
صادرات نفت سکوی خارک پالایشگاه نفتکش

TEHRAN (Tasnim) – Iran’s oil exports to Europe in May stood at around 1 million bpd (barrels per day), marking the highest level since the removal of anti-Tehran sanctions in early 2016.

In May, Iran exported about 1.1 million bpd to Europe including Turkey, almost reaching pre-sanction levels and only slightly below the 1.2 million bpd supplied to Asia, a source told Reuters.

The amount almost caught up with volumes exported to Asia.

Iran's exports to Asia last month were the lowest since February 2016, the report added.

Iran has been raising output since 2016 to recoup market share lost to regional rivals after Iran and the Group 5+1  (Russia, China, US, Britain, France, and Germany) reached a nuclear agreement in July 2015 and implemented it in January 2016. It terminated all nuclear-related sanctions on Iran.

After the lifting of the sanctions, Tehran added new clients such as Litasco and Lotos and won back customers such as Total (TOTF.PA), ENI (ENI.MI), Tupras (RDSa.L), Repsol (REP.MC), Cepsa CPF.GQ and Hellenic Petroleum (HEPr.AT).

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