Iranian oil production soars to pre-sanctions levels: IEA

May 13, 2016

Iran’s crude production has returned to levels last seen before sanctions were imposed over its nuclear program as the nation ramps up output to regain market share, according to the International Energy Agency.

Output reached 3.56 million barrels a day in April, the highest since November 2011, and exports soared to 2 million barrels a day, just shy of the level before the trade restrictions.

China was the biggest buyer of Iranian crude last month, taking more than 800,000 barrels a day, the IEA said.

(Source: Bloomberg)


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