Iran’s Oil Exports Exceed 2m bpd

Iranian President Hassan Rouhani said on Tuesday that the country’s export of crude oil in the past month surpassed 2 million barrels per day (bpd), pointing to a range of options Iran has today for choosing the customers or the foreign currency for selling its oil.

One of the major achievements of the Joint Comprehensive Plan of Action (JCPOA), the July 2015 nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany), has been a hike in the export of crude as well as Iran’s liberty to pick its customers and choose the currency for oil trade, President Rouhani said at an open session of the parliament on Tuesday.

He was addressing the lawmakers to defend the proposed nominees to lead the ministries of culture and Islamic guidance, sports and youth affairs, and education.

The president further highlighted his administration’s ability to reduce the inflation rate and achieve economic progress despite a slump in global oil prices that has hit oil-rich countries, including Saudi Arabia.

The fact that Iran’s exports outstrip the imports signifies the country’s right economic path, he added.

The country’s oil exports were around one million bpd before the coming into force of the JCPOA in January.

The sanctions had barred foreign investments in the Iranian oil industry and imposed a ceiling on the country’s oil exports.

(Source: Tasnim, under Creative Commons licence)

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