According to Iranian Minister of Economy, Iran is going to boost its oil export all the way up to 2 million barrels a day. This is confirmed by the SANA. In particular, the Iranian authorities are already working on this ambitious plan designed to get back the status of a major player in the international market of crude oil.
According to Bloomberg, the export of Iranian oil in 2011 was equal to 3,6 million barrels a day. In 2012, the West imposed sanctions on Iran over its nuclear program. Those sanctions banned Iran from the international market of crude oil. This resulted in Iran cutting its oil production to the lowest level in 25 years – 2,7 million barrels a day. In 2015, it was around 2,8 million barrels. Over the period of sanctions, Iran wasn’t able to export oil to Western importers. Some of the extracted crude oil would go to China, India, Japan, South Korea and Turkey.
Masterforex-V Academy experts report that after the West canceled the sanctions in January 2016, Iran started exporting 1.4 million barrels a day, which is 350K barrels a day below last year’s level. Some experts expect Iran to boost it by 500K barrels a day this month.
A couple of days ago, oil tanker Monte Toledo arrived to Spain with 1 million barrels of Iranian oil. This is the first big-scale shipment of crude oil after the sanctions were canceled. Iranian oil is on its way to other European ports. All in all, there said to be 29 oil tankers navigating to European countries. All of that confirms that Iran is coming back to the global market of crude oil.
