Iran to Raise March Oil Exports

By John Lee.

Iran is expected to increase its oil exports for March to around 1.65 million bpd, up from 1.5 million bpd in February.

According to Reuters, the National Iranian Oil Company (NIOC) is expected to ship around 250,000-300,000 bpd to Europe this month after it finalised term deals with France’s Total (about 200,000 bpd) and Spanish refiner Cepsa (about 35,000 bpd).

Litasco, the trading arm of Russia’s Lukoil, Cepsa and Total have become the first buyers in Europe after the lifting of sanctions.

Hellenic Petroleum, Greece’s biggest oil refiner, has said it will receive its first shipment of Iranian crude oil at the end of March.

(Source: Reuters)

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