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US: Iran Oil Exports Reach Pre-Sanctions Level

US: Iran Oil Exports Reach Pre-Sanctions LevelUS: Iran Oil Exports Reach Pre-Sanctions Level

Iran is exporting oil at roughly the same level it was before the introduction of international sanctions that have been lifted under a landmark nuclear deal between Tehran and major powers, US Energy Secretary Ernest Moniz said on Monday.

“Their oil production and oil exports are essentially back to pre-sanctions levels,” Moniz told a news conference on the sidelines of a meeting of the UN nuclear agency.

“They are exporting the way they were before and that’s a considerable additional cash flow.”

Unshackled by international sanctions in January, Tehran has steadily boosted supplies as it seeks to retake the share it lost in the global crude market over the past several years.

Iran is now pumping slightly above 3.8 million barrels of crude per day, including gas condensates, according to government data.

It hopes to reach the pre-sanctions production level of around 4 million bpd by the yearend.

 

Financialtribune.com