Iran oil exports rise after Geneva deal

A leading American newspaper says Iran’s oil exports have increased by 25 percent as sanctions against the Islamic Republic are gradually relieved following Tehran’s interim nuclear deal with the P5 + 1 group.

Iran’s oil sales picked up from 1.06 million barrels per day (bpd) to 1.32 million bpd thanks to the interim agreement struck in November, wrote The Weekly Standard.

Iran and the permanent members of the United Nations Security Council – Russia, China, the US, France, Britain – plus Germany inked the nuclear accord in the Swiss city of Geneva on November 24, 2013. The two sides started implementing the agreement on January 20.

Under the Geneva deal, the six countries undertook to provide Iran with some sanctions relief in exchange for the Islamic Republic agreeing to limit certain aspects of its nuclear activities, including a voluntary suspension of its 20-percent uranium enrichment program.

“In short, with the sanctions regime eroding, Iran’s business climate has been transformed,” said the paper, adding that “trade delegations are exploring investment options in Iran’s petrochemical and automobile industries.”

World oil giants have voiced their readiness to return to Iran following the easing of sanctions against Iran in light of the implementation of the Geneva deal.

According to Iranian officials, Spain’s Repsol, Royal Dutch Shell, British Petroleum (BP), France’s Total, Italy’s Eni and Russia’s Lukoil have shown willingness for investment in Iran’s oil sector.

Earlier in February, a 116-strong French delegation made up of representatives from major multinational companies such as Total, Lafarge and Peugeot, traveled to Iran for commercial opportunities.

Prior to the French team’s visit, a large Turkish delegation visited Iran last month. The group was headed by Turkish Prime Minister Recep Tayyip Erdogan, who said the neighboring countries aimed to more than double their trade volume to $30 billion in 2014.