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Iran raises crude oil prices to Europe and Asia

by ChemOrbis Editorial Team -
  • 08/03/2016 (11:57)
According to media reports, Iran raised its official April oil prices for most grades to Asia and Europe, excluding the Mediterranean. The country was expected to raise its prices to Asia following the removal of sanctions, after which it also started selling its crude oil to Europe, although in small volumes due to ongoing banking and shipping insurance obstacles.

Previously, Saudi Arabia also raised its April oil prices to Asia by $0.25/barrel and to Europe by $0.20-0.35/barrel.

Meanwhile, Iran’s Economy Minister Ali Tayyebnia stated that Iran has returned to the oil market and its crude oil sales are expected to reach 2 million barrels per day soon.
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