Iran's oil exports hit 2.7mn (bpd) in May

TEHRAN, Jun. 03 (MNA) – Iran’s oil exports hit 2.7mn bpd in May, a new record since the lifting of international sanctions on Tehran in 2016, and despite the threats of fresh US sanctions, Gulf Times reported.

Iran’s oil exports hit 2.7mn barrels per day (bpd) in May, the oil ministry’s news agency SHANA reported yesterday, a new record since the lifting of international sanctions on Tehran in 2016, and despite the threats of fresh US sanctions.

Iran exported 2.4mn bpd of crude oil in May, SHANA reported, and 300,000 bpd of natural gas condensate. Iran’s oil exports was 2.6 bpd in April. 

The estimates from Geneva-based Petro-Logistics suggested this week that Iranian oil buyers are not rushing to cut volumes from Opec’s third-largest producer.

The bulk of Iran’s crude exports, at least 1.8mn bpd, goes to Asia. Most of the rest goes to Europe and these volumes are seen by analysts and traders as the more vulnerable to being curbed by US sanctions.

Iranian oil minister Bijan Zanganeh said this week that he was hopeful that an agreement with Europe would inspire other potential buyers of Iranian oil.

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