Expected surge in Iranian oil to Europe

Iran’s crude oil exports to Europe are expected to increase to 800,000 barrels per day, according to managing director of the National Iranian Oil Company (NIOC), Ali Kardor.

Currently, Iran is exporting 500,000 barrels per day to Europe, according to IRNA news agency. Iran’s total crude oil exports stood at nearly 2.3 million barrels per day in February, 2017.

Crude oil exports to the European Union have surged significantly since the lifting of the sanctions after Iran brokered the Joint Comprehensive Plan of Action (JCPOA) with the United States, Russia, China, Britain and Germany two years ago. Under the plan, Iran agreed to limit its nuclear programme and allow access to international monitors in return for the lifting of nuclear-related sanctions.

While Iran and the EU have showed determination to stand by the nuclear accord, recent remarks by US officials has given rise to doubts regarding the future of the deal.