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News > World

Iran Exports First Post-Sanction Oil Shipment to Europe

  • Iran plans to add 1 million barrels to its oil production following implementation of the nuclear deal.

    Iran plans to add 1 million barrels to its oil production following implementation of the nuclear deal. | Photo: Reuters

Published 14 February 2016
Opinion

Iranian officials said this is a new chapter in their oil industry and added that several western tankers have loaded Iran’s oil in recent days.

Iran has exported an oil shipment to Europe for the first time since it reached a landmark nuclear deal with world powers last month and sanctions were lifted, the Islamic Republic News Agency reported Sunday.  

This shipment, the first after five years, marks “a new chapter in Iran’s oil industry has opened today,” said Deputy Oil Minister Rokneddin Javadi. He added that several western tankers have loaded Iran’s oil in recent days.

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Sanctions imposed on Iran over its nuclear program were lifted last month following confirmation of Tehran’s commitment to​ the Joint Comprehensive Plan of Action by the International Atomic Energy Agency or IAEA. 

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After the resolution, the Persian nation expects an economic recovery since it will have access to overseas assets and will be able sell crude oil more freely. The country plans to add 1 million barrels to its oil production following implementation of the nuclear deal.

However this are not good news for Saudi Arabia, which maintains huge influence in OPEC and is currently running into difficulties after its huge gamble last November when it opted to flood the market and drive out its rivals.

According to analysts, the oil-rich kingdom will start running into major trouble within two years as it relies on oil for 90 percent of its budget revenues.

Lack of industry and an expensive campaign of regional funding rooted in a foreign policy of countering Iranian influence, including the onslaught in Yemen, is expected to deplete Saudi financial resources.

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