Iran’s crude exports back over 1m barrels

Iran’s crude exports back over 1m barrels
# 13 September 2012 09:59 (UTC +04:00)
Baku. Konul Jafarli - APA. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article, Financial Times reported.

Iran managed to increase its exports of crude oil last month, but the rise is likely to be temporary as the US and EU prepare to tighten sanctions on Tehran over its nuclear programme.

In its monthly survey of the oil market, the International Energy Agency said exports of Iranian oil inched up to 1.1m barrels a day in August, from less than 1m b/d in July.

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But the respite for Iran is expected to be brief, with US and European officials said to be considering tougher measures against Tehran in response to its perceived intransigence in nuclear negotiations.

Sanctions on Iran have reduced its oil production to 2.85m b/d, a 22-year low. Output is now 650,000 b/d lower than at the end of last year.

But that has caused ructions on global oil markets, with about 1m b/d withdrawn from supplies – or nearly as much oil as the world lost in 2011 during the civil war in Libya.
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THE OPERATION IS BEING PERFORMED