Iran oil exports hit highest level
According to an IEA report after Iran nuclear interim deal, Iran’s oil exports have hit the highest level since December 2012.
A report by International Energy Agency says that Iran maintained its crude oil shipments at the highest level since the end of 2012 last month after negotiations between the country and world powers over its nuclear program.
Iran oil buyers imported 1.4 million barrels on a daily basis during February 2014. Oil export to India and China fell while Japan and South Korea increased Iran oil imports form Iran.
According to Bloomberg the interim nuclear deal between Iran and world powers eased restrictions on insurance for Iran’s oil shipments and some frozen money outside the country freed in January.
Iranian crude held on tankers rose 2 million barrels at the end of February to 32 million barrels, compared with 30 million barrels at the end of January, says the Bloomberg report.
International Energy Agency also announced that nuclear negotiations between Iran and the Sextet in February and March were very useful for Iran crude oil export.