Iran’s Oil Export Hits Record High

Implementation of a lasting nuclear deal with world powers has helped Iran push to win back market share in the oil industry, with an official saying that the country has had the highest amount of crude exports on record over the past 48 hours.

Seyed Pirouz Mousavi, the managing director of the Iranian Oil Terminals Company (IOTC), said on Wednesday that Iran has for the first time exported more than 7.1 million barrels of oil in 48 hours.

In only 30 hours, 4 million barrels of oil were loaded into European oil tankers at Iran’s southern islands, while the sale of oil to the traditional customers has been also in progress, he explained.

On Sunday, Rokneddin Javadi, the managing director of the National Iranian Oil Company, had announced that since the termination of anti-Iran sanctions in January, the country has succeeded to increase its crude exports by 400,000 barrels per day, getting closer to the intended selling 2 million bpd of oil.

Iran is determined to increase its oil exports after implementation of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) that took effect on January 16 and terminated anti-Iran sanctions.