Iranian oil exports grow

Iranian oil exports grow

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Greater transfers of crude oil concern Asia, despite the decline in demand from China and Japan. Meanwhile, after the revocation of economic sanctions, the Tehran's international agreements on oil and gas development are increasing

Iran's oil exports grew by 45,000 barrels per day in July, with a volume of 2.2 million barrels of oil per day delivered mainly to Asian and European countries. According to the Iranian Ministry of Petroleum, exports to Asia reached a total of 1.4 million barrels per day after having seen a decline for two consecutive months due to a reduction in purchase volumes of China and Japan. The revocation of Iran's nuclear program related sanctions in January 2016 allowed Iran to recover lost market shares during the years of restrictions and to develop, at the same time, the oil and gas extraction sector and petrochemical industry. Meanwhile, the Iranian National Oil Company (Nioc) has signed 33 oil agreements with 28 domestic and foreign companies from the implementation of the Joint Action Plan for Joint Action (Jcpoa) ​​resulting from the Tehran Agreement and the 5 + 1 Group Countries (China, France, United Kingdom, Russia, United States plus Germany) signed in Vienna on July 14, 2015. Russia is the country that has signed the highest number of agreements with Iran. The country needs a total investment of $ 200 billion to develop the oil industry. (AgenziaNova)