Iran oil exports hit highest since signature of nuclear deal

Iran storyIran is OPEC's third largest crude oil producer. (Image source: Paul Lowry/Flickr)Iran's Shana news agency said on Saturday that the country exported 2.7mmbbl per day in May, the highest since international sanctions were lifted on the country in 2016

Iran faces the threat of fresh sanctions after US President Donald Trump on May 8 said that the country was exiting the nuclear deal signed with Iran under former President Barack Obama.

Iran, OPEC's third largest producer, exported 2.4mmbbl per day of crude oil and 300,000bpd of gas condensate, ultra light crude oil, during May.

The threat of fresh sanctions, which would restrict oil shipments from Iran, has pushed up the price of crude oil in the past few months.

The US Treasury has said it will re-impose a wide range of Iran-related sanctions, including transactions with its central bank. Oil-related sanctions, including sanctions on the National Iranian Oil Company (NIOC), are due to be reimposed after 180 days.

France, the UK and Germany have stressed their continuing commitment to the deal, and have promised to work with the remaining signatories to uphold it, as well as to support companies doing business with the market.

French oil major Total said it would withdraw from the South Pars 11 gas project unless it is granted a waiver from the US to protect it from secondary sanctions.

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