Iran’s Oil Exports Up Significantly in February

The Wall Street Journal reported that in February, Iran’s oil exports surged on the back of a “thaw” in the country’s relationship with the western world.

Specifically, Mansour Moazami, Iran’s deputy oil minister for planning and supervision of hydrocarbon resources, said that on average last month, his country exported 1.6 million barrels of oil a day.

As quoted in the market news:

The deputy minister’s numbers suggest Iran’s total oil exports are now one third higher than the 1.2 million barrels a day of oil it said it was exporting in early December, not long after it signed the nuclear deal with six leading nations, including the U.S.

The figure is also significantly higher than an estimate made last week by the International Energy Agency, which pegged Iran’s exports at 1.41 million barrels a day in February. The energy watchdog, which relies on non-Iranian sources such as disclosures from importing countries and news reports, frequently revises its estimate for Iran’s exports.

Asked if shipments would rise further in March, Mr. Moazami said ‘I think so.’

Click here to read the full report from The Wall Street Journal.