News ID: 175865
Published: 0723 GMT January 16, 2017

Iran oil exports highest since 1979

Iran oil exports highest since 1979

First Vice President Es'haq Jahangiri said that the export of Iran's oil and gas condensates have reached the highest levels since the 1979 Islamic Revolution.

He made the remarks on the first anniversary of the implementation of the Iran nuclear deal in a gathering in Tehran on Monday.

He hailed the achievements of the agreement saying the country only exported one million barrels per day of oil under sanctions.

Tehran and the P5+1 — the US, Britain, France, China, Russia plus Germany —  signed the nuclear accord known as the Joint Comprehensive Plan of Action (JCPOA), on July 14, 2015.

Under the landmark deal, which went into force on January 16, 2016, the Islamic Republic undertook to place restrictions on its nuclear program in exchange for the removal of nuclear-related sanctions against the country.

Jahangiri described the JCPOA as a 'historic and exceptional work' noting its achievements have been noticeable over the past year.

The veep said sanctions on Iran's shipping industry have been lifted and Tehran can ship goods 'easily'.

He cited media reports as saying that the country's imports and exports have reached 100 million tons this year.

The removal of sanctions has also helped Iran boost its oil revenues.

Last month's OPEC agreement to cut oil output further led to an increase in crude prices.

Iran — together with Nigeria and Libya — were excluded from the output cut scheme.

Iran's deputy oil minister said last week that total exports of crude oil and condensate sales reached around $30 billion in the nine months to December 20, 2016.

Amirhossein Zamani-Nia said the country exported nearly 2.6 million barrels per day (bpd) during the period adding the exports doubled following the implementation of the nuclear deal.

He added that crude and condensate exports exceeded 2.8 million barrels per day (bpd) in December 2016.

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