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oil-barrels

Iran selling more crude than permitted by sanctions

: Tuesday, April 01 - 2014 @ 10:07

Iran’s biggest four crude oil buyers has increased their purchases 17.2% in February from a year ago, as the OPEC member continues to ship more oil than allowed under a deal that eases some of the sanctions aimed at its disputed nuclear programme, Reuters has reported. Under the interim agreement, the Islamic Republic is supposed to hold its exports at an average of one million barrels per day (bpd) for the six months to July 20, but imports by China, India, Japan and South Korea, as well as Turkey, have totalleed more than that since at least November last year, and tanker tracking data indicates only a slight slowdown in Tehran’s exports last month. “Maybe the prices are too good to be refused. The Iranians have been known to offer pretty good deals,” said vice-president of energy consultancy IHS Energy Insight, Victor Shum.

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Tuesday, April 1- 2014 @ 10:07 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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