Iran exports first oil shipment to Europe since nuclear deal

TEHRAN

A view of a petrochemical complex in Assaluyeh on Iran's Persian Gulf coast in this May 28, 2006 file photo. REUTERS Photo

Iran’s official news agency said the country has exported its crude shipment to Europe for the first time since it reached a landmark nuclear deal with world powers last month.

The Feb. 14’s IRNA report quotes Deputy Oil Minister Rokneddin Javadi as saying the shipment was the first after five years. He called the shipment “A new chapter” in Iran’s oil industry but did not elaborate, as reported by the Associated Press.

Bloomberg News, quoting an Iranian official, reported that a tanker for France’s Total SA was being loaded on Feb. 14 at Kharg Island while vessels chartered for Chinese and Spanish companies were due to arrive later in the day.

Oil prices turned lower again on Feb. 15 as Iran prepared to ship its first consignment of the commodity since sanctions were lifted, reigniting worries over a global supply glut.

“Iran is going to add headwinds to the market,” David Lennox, an analyst at Fat Prophets in Sydney, said, as quoted by Agence France Presse. 

“We still have 500 million barrels of U.S. inventories and shale producers are still pumping. Until there are significant cuts to output, the rally is not sustainable,” he added. 

Iran plans to add one million barrels to its oil production following implementation of the nuclear deal, which lifted international sanctions in exchange for Iran restricting its nuclear activities.