BREAKING NEWS

Iran crude oil exports rise to highest since EU sanctions

By REUTERS

JANUARY 30, 2013 18:27

GENEVA/DUBAI - Iran's crude oil exports in December leaped to their highest level since European Union sanctions took effect last July, analysts and shipping sources said, as strong Chinese demand and tanker fleet expansion helped the OPEC member dodge sanctions.

Exports rose to around 1.4 million barrels per day (bpd) in December, according to two industry sources and shipping and customs data.

The sources said they expected exports to dip in January from the December peak ahead of new US sanctions.

Western sanctions aimed at curbing Iran's disputed nuclear program halved Iran's oil exports in 2012 from 2.2 million bpd in late 2011, leading to billions of dollars in lost revenue and a plunge in the Iranian currency.

But continuous robust demand from top buyer China and others such as India and Japan, as well as the purchase of new tankers, allowed the Islamic Republic to unexpectedly boost exports late last year.

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