Iranian exports exceed 1.65 mbpd

Fears grow that Iran's total exports will exceed the limits

Iran must reduce exports to stay within the prescribed limits of the JPoA.
Iran must reduce exports to stay within the prescribed limits of the JPoA.

Iran’s total exports for the month of February increased by 240,000 bpd to 1.65 mbpd, its highest level for 18 months. Preliminary data for the month of March provided by the International Energy Agency (IEA) shows Iranian exports at around 1.05 mbpd, though this figure is expected to rise.

Iran’s exports increased month on month from December to February and fears are growing that Iran’s total exports will exceed the limits set out in the agreement it signed with the P5+1 nations.

Under the terms of the agreement, which runs from 20th January to 20th July 2014, Iran’s oil exports should average no more than 1 mbpd.

Analysts remain sceptical however, about Iran’s long term ability to sustain heightened production levels.

“In the long term, I’m not too sure how quickly Iran will be able to add value back in to production levels,” said Nick Noreen, area manager Middle East & Africa for
risk management firm Lloyds Register.

“We expect, that exports will average out over a six month period so that they meet the bar that was set,” US State Department spokeswoman Jen Psaki told reporters.

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