(MENAFN) Iran is slowly returning to EU's market, proven by the fact that Petro-Logistics SA, a Geneva-based tanker-tracking firm, estimated Iran exported in Fe nearly 1.4mn barrels a day, up 350,000 bd from the average 2015 level.
The Islamic Republic is anxious to return to Europe's market with a solid impact, a market where Russia, Saudi Arabia, Iraq and other top rival suppliers stepped in after the embargo was imposed, knowing that Iran will pose a serious threat.
However, hurdles remain, as lingering banking limits mean some customers are finding it hard to transfer payments for Iranian crude and the National Iranian Oil Co. has offered to swap crude for gasoline to get deals done.
Before to the embargo, Europe imported on average about 400,000 barrels a day of oil from the Persian Gulf Republic, according to the International Energy Agency, and Total SA, the French giant, was among the biggest buyers.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.