Iran’s crude oil exports will reach 1.5 MMbpd next month as Tehran moves to benefit from sanctions relief.
“Today, our oil exports have reached 1.3 MMbpd, which will reach 1.5 MMbpd by March,” Iran’s first Vice President, Es’haq Jahangiri, said few days ago. He added that Iran will be exporting 2 MMbopd in the next Iranian calendar year, which starts on March 21.
Worthy to mention that Iran hosted ministers from Venezuela, Iraq and Qatar to review production levels one day after Saudi Arabia and Russia said they’d keep production at January levels if others do the same. Daniel J Graeber /UPI said that the January freeze will do little to pull markets sharply way from the supply side, so the sudden surge in prices may be a psychological reaction to the meetings in Tehran.
Also, Mehdi Asali, the Iranian envoy to the Organization of Petroleum Exporting Countries OPEC said that asking Iran to hold steady was “illogical.” as sanctions pressures easing in response to July’s nuclear agreement.