Iran’s oil exports hit 135% growth with implementing JCPOA

IRAN OIL ExportIRAN OIL Export
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Iran’s oil exports hit 135% growth with implementing JCPOA

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Accordingly, in the first month of 2017 and with the implementation of Joint Comprehensive Plan of Action (JCPOA), Iran’s export of oil reached 2.3 million barrels per day (bpd).

This is while that Iran’s export of oil reached 980,000 barrels per day (bpd) when that country had been put under tough sanctions by the United States.

However, implementation of JCPOA helped Iran increase its oil export to the global markets, showing a significant 137 percent hike.

In 2011, the US government decided to impose widespread sanctions against the Islamic Republic of Iran especially in Iran’s oil sector.

Prior to the sanctions, Islamic Republic of Iran was exporting 2.2 million barrels of oil per day (bpd). With the imposition of sanctions, Iran’s oil exports in 2013 reached 980,000 barrels per day and if this trend had continued in 2015, Iran’s oil exports would have reached zero level.

With the termination of oil sanctions in 2016, Iran’s average oil exports exceeded 1.9 million barrels per day and in January 2017, Islamic Republic of Iran could increase oil exports to 2.3 million barrels per day i.e. even more than exports before sanctions.

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News Source : 2bey Iran B2B Trade Export Import

Category Iran's Oil Export
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