April 11, 2014 | Quote
Iran’s Oil Exports Surge Above West’s Sanctions Cap -IEA
Iran's crude oil exports have surged to their highest in 20 months, far exceeding a one million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear programme.
The International Energy Agency's monthly report revised February's global crude imports from Iran upwards by 240,000 bpd to 1.65 million barrels per day, the highest since June 2012.
Under a landmark deal signed in November between Iran and world powers – known as the P5+1 – that came into effect in January of this year, Iran's exports are supposed to be held at an average 1 million bpd for the six months to July 20.
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“The current P5+1 negotiations track provides economic growth potential for Iran. The interim nuclear agreement and sanctions relief is helping to stabilise the economy,” said Mark Dubowitz of Foundation for Defense of Democracies, a U.S. think-tank, in a report this week.
“Oil exports have already overshot their expected levels in early 2014 … As a result, Iranian growth will likely be somewhat higher,” said Dubowitz, who supports tougher sanctions.