The easing of international sanctions has seen a sharp rise in demand for Iranian crude, particularly in the Far East.
The deal between Iran and six world powers freed up $4.2 billion in oil payments to Tehran in exchange for reductions on its nuclear program.
Under the deal, Iran’s exports are held to an average of 1 million bpd for six months through late July.
In total, February crude loadings by Iran’s top four buyers – China, India, Japan and South Korea – rose to 1.16 million bpd versus 994,669 bpd lifted in January, according to a loading plan seen by Reuters.
The loading volumes exclude condensate, a light oil, that Iran exports to China and others.
Ever since the 2012 sanctions were imposed and slashed Iran’s oil exports by more than half, five buyers – China, India, South Korea, Japan and Turkey – have bought nearly all of Iranian crude exports.
US senators have written to President Barack Obama, saying they believe Iran should not be allowed to circumvent sanctions as world powers work on a final agreement on the nuclear program.
“Iran cannot be allowed to be open for business,” 83 senators wrote in the letter. “We view this period as one fraught with the danger of companies and countries looking to improve their commercial position in Tehran.”
The Obama administration believes Iran’s exports will fall in coming months and exports through late July will average 1 million bpd. To make that happen, Washington could put more pressure on Iranian crude buyers to slash purchases.
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