Iranian oil exports to Asia hiked 25% in February

April 11, 2016 - 10:3

Tehran- Iran’s exports of crude oil to Asian countries mounted 25 percent in February 2016, as compared with the same month in the preceding year, IRNA news agency reported on Sunday.

The rise has emerged a month after the implementation of Iran’s nuclear agreement with the world major powers in January which removed the sanctions against the Islamic Republic, the report said.

According to the latest report released by the Organization of Petroleum Exporting Countries (OPEC), Iran’s oil production in February hit 3.132 million barrels per day (bpd), posting its largest monthly gain since the imposition of sanctions on the country in 2012.

Iran’s oil output surged by 187,800 bpd in February to surpass its January figures which stood at 2.944 million bpd.

Iran heavy crude oil price in February also rose to $27.28, showing an increase of $3.21 compared to its previous month, the report says.

Based on February figures, Iran is the third largest producer of crude oil after Saudi Arabia and Iraq.


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