Iran oil exports hit two-year high
The latest market figures show that Iran's oil exports are on set to rise more than a fifth in January and February from last year's daily average.
Figures on Iran's preliminary tanker loading schedules show that overall exports will total around 1.44 million barrels a day (bpd) in February and about 1.5 million bpd in January.
Those shipping levels would be more than 20 percent higher than Iran's average daily exports last year, with the loadings this month at the highest since February 2014, Reuters said in an exclusive report.
The rise in the Iranian oil exports come as the country begins to raise output after the removal of the sanctions and clears out oil that has built up in offshore storage over the past four years of curtailed participation in world markets, the report added.
It further emphasized that much of the nearly 40 million barrels of oil stored by Iran in domestic tankers is condensate - an ultra light grade of crude - shipping sources have said, and the faster the light crude is moved out the quicker the ships can be used for more oil deliveries.
Iran's shipments have surged nearly a quarter over the last four weeks from average tanker loadings of 1.21 million bpd last year following the lifting of sanctions earlier this month, Reuters added quoting market sources.
Iran is targeting India, Asia's fastest-growing oil market, as its main destination for oil. India will load more than 300,000 bpd in February, up some 66 percent from the month before and highest since May 2015, the report added.
After the sanctions were lifted, Iran ordered a 500,000 bpd increase in crude output, of which it hopes 200,000 bpd will go to Europe. But sales to European buyers are likely to be higher only when foreign tanker owners resolve issues over securing insurance for cargoes.
Iran plans to load 504,000 bpd for top customer China in February, down 5 percent from a six-month high expected in January, the report by Reuters added.
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