Media reports: Iran’s oil exports to soar 60% on the year

According to media reports, Iran’s oil exports are expected to surge around 60% on the year, with exports to Europe reaching nearly half of the pre-sanction levels, a signal that Iran is returning to pre-sanctions level at a faster pace than analysts’ projections as a result of Iran’s competing with rival Saudi Arabia by trimming prices. April exports reached 2.3 million barrels per day (bpd), up 15% compared with the International Energy Agency’s (IEA) initial estimations.

May exports are expected to reach 2.1 million bpd from 1.3 million bpd in the same month of 2015. Exports to Asia reached 1.7 million bpd in April, which is almost three times bigger than a year ago and the most since 2011. Meanwhile, exports to China stood at 840,000 bpd in April and are expected to reach over 620,000 bpd in May, according to the source. Exports to Europe reached 487,000 bpd and are likely to reach 400,000 bpd this month.