Iran oil ex­ports hit 2.44 mil­lion bar­rels per day

Kuwait Times - - BUSINESS -

Iran boosted its oil ex­ports to 2.44 mil­lion bar­rels per day in late Oc­to­ber as it re­gains mar­ket share lost dur­ing years of in­ter­na­tional sanc­tions, its oil min­is­ter said yes­ter­day. “Oil ex­ports reached 2.44 mil­lion bpd in late Oc­to­ber, one of the high­est lev­els ever,” the Mehr news agency quoted Bi­jan Nam­dar Zan­ganeh as say­ing. Since a nu­clear deal with world pow­ers took ef­fect in Jan­uary and in­ter­na­tional sanc­tions were lifted, Iran has rapidly in­creased its oil ex­ports from around 1 mil­lion bpd. Oil car­tel OPEC agreed at an in­for­mal meet­ing in Septem­ber to cut pro­duc­tion in a bid to re­duce a global sup­ply glut and bol­ster prices which have hov­ered around the $50 per bar­rel mark. Iran, which has the fourth-largest oil re­serves in the world, has re­fused to cut pro­duc­tion as it seeks to re­cover its lost mar­ket share. Along with Libya and Nige­ria, it was granted an ex­emp­tion from the planned cuts, so long as it keeps pro­duc­tion to lev­els “that make sense”.

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