Iran’s oil exports, which began rising following implementation of the Joint Comprehensive Plan of Action (JCPOA), have now reached stable conditions.
During sanction years, the country’s crude exports stood at one million barrels per day though the figure took an upward trend immediately after sanctions removal.
Moreover, Iran managed in regaining old markets in Europe which had been occupied by rivals during sanction years.
Accordingly, Oil Ministry of Iran has announced that volume of oil exports in July had increased by 45,000 barrels per day as compared to June.
In July, Iran managed to ship over 2.2 million barrels of crude oil to Asian and European markets. With an increase of 100,000 barrels, the country’s crude export to Asian markets reached 1.4 million barrels per day. China, South Korea, India and Japan are major Asian buyer of Iranian crude.
Capacity of Iran’s crude output has also climbed to about four million barrels per day. In the week leading to July 21st, Iran’s heavy crude oil was traded at $45.12 per barrel indicating a $1.56 rise. Price of light crude oil also rise by 1.12 dollars and reached $46.90 per barrel. Iran’s light crude oil has been traded at an average of 48.77 dollars so far in the year 2017.