Volume. 11980

Iran oil exports still above nuclear-deal cap
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TEHRAN (WSJ) -- Iran's crude-oil exports have averaged 1.2 million barrels a day over the past three months, a deputy oil minister said, effectively confirming a slight decrease in shipments.
The level remained above a cap of one million barrels a day that was agreed to as part of an interim nuclear deal with Western powers.
Crude-oil exports, however, had fluctuated over the period, Ali Majedi, Iran's deputy oil minister for international affairs, said in an interview with The Wall Street Journal on Tuesday.
The latest export figure is lower that the level of 1.3 million barrels a day previously reported by Iran for February.
As part of the interim deal with six world powers on its nuclear program that came into force on Jan. 20, Iran agreed to the one-million-barrel-a-day cap over a six-month period.
There have been concerns that this threshold could be sustainably breached after Tehran confirmed it was in talks with Moscow to swap 500,000 barrels a day of its oil for Russian goods. Mr. Majedi said the bartering talks with Russia were continuing.

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