Iran’s July exports steady as OPEC pumps record crude: Report
Iran has pumped steady amount of crude in July despite a 15-month record production reported by the Organization of Petroleum Exporting Countries (OPEC), a survey shows.
Reuters news agency’s analysis of data released by OPEC members in July showed that Iran’s exports was steady over the month compared to June when it had exported more than 600,000 barrels per day (bpd).
The survey found, however, that the OPEC had pumped 26.72 million bpd of crude in July, up 610,000 bpd against June and a record since April 2020.
The increased OPEC output comes as the group and allies have agreed to gradually ease cuts to the global supply amid a recovery in international demand which has been fueled by vaccinations against the coronavirus pandemic.
Iran, which is exempt from OPEC cuts, has continued to increase its crude output since December 2020 amid reports suggesting that it has worked out solutions to circumvent US sanctions targeting its oil sales.
Iranian output had the highest surge in April when it produced 2.614 million bpd, up 13.4% on previous month, according to OPEC figures.
Increased output by other OPEC members and an end to voluntary cuts by top producer Saudi Arabia may have affected the growth trend in Iranian supplies in July, experts say.
Other reports suggest that the United States, which has maintained a harsh regime of sanctions on Iran’s crude exports since 2018, is planning to impose new bans that could hamper Tehran’s growing exports to China.
That comes as Washington claims it is willing to prevent a potential collapse in talks between Iran and world powers that are meant to revive a 2015 deal on the country’s nuclear program.