Iran’s Oil Ministry has announced in a statement that the clients that had received Iran’s oil over the period were the French energy giant Total, Spain’s Cepsa and Russia’s Litasco – a subsidiary of Lukoil.
Market data provided by Reuters show that Iran has sold 11 million barrels to Total, 2 million barrels to Cepsa and 1 million to Litasco. Some of these cargoes will not arrive in Europe before mid-April, the report added.
Iran saw a series of draconian sanctions lifted in mid-January when a deal that it had sealed wit the P5+1 group of countries – the five permanent members of the Security Council plus Germany – was implemented.
Based on the same regime of sanctions that had been put into place for multiple years, Iran was not able to export its oil beyond a low ceiling of around one million barrels per day (bpd).
International companies were also barred from making investments in the country’s oil industry by the virtue of the same regime of sanctions.
Immediately after the removal of the sanctions, Iran both increased its oil output and subsequently its exports.
The country’s oil output rose by several hundred thousand barrels per day to reach around 1.4 million bpd.
This week, Iran’s First Vice President Esh’aq Jahangiri announced that Iran’s oil exports have already reached 2.2 million bpd in what marked an increase of 900,000 bpd in the country’s oil production.