Iran Oil Export Highest in 8 Years

Iran Oil Export Highest in 8 YearsIran Oil Export Highest in 8 Years

Iran exported 2.57 million barrels of oil per day in Oct., the highest since Aug. 2008, data provided by Reuters showed on Friday. It boosted exports by 420,000 barrels per day last month compared to September as the OPEC No. 3 producer continues its march to win back the market share it lost under international sanctions.

Saudi Arabia, OPEC's de facto leader, ramped up oil exports to 7.9 million bpd in Oct., highest since Feb. and some 650,000 bpd higher from September  levels.

OPEC's total exports, led by Saudi and Iranian supplies, reached 25.51 million bpd in Oct., 7.2% up month-on-month, Reuters' data showed, as the group continues to cast doubt on an agreement it reached in Sept. to cut supplies to uplift prices.

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