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Data show promising Iran oil performance

Market data show strong signs of progress for Iran’s oil industry.

Latest market data have revealed strong signs of progress for Iran’s oil industry which is already facing a series of tough US-led sanctions.

A report by Bloomberg on Friday showed that Iran’s oil production rose 10,000 barrels a day to 2.78 million in January. This, the report said, was the country’s first such increase over the past eight months. 

Bloomberg added that Iran pumped more than 3.1 million barrels a day from 1991 until July 2012, when additional sanctions were imposed on the country. Iran, the group’s second-biggest producer in June 2012, is now in fourth place, it added.   

Earlier, Reuters had said in a report that purchases of Iranian oil by Asian clients had jumped by almost 20 percent in 2014. 

Reuters had quoted market figures as showing that four major buyers of Iranian oil in Asia, namely China, India, Japan and South Korea, bought an average of 1.12 million barrels per day (bpd) of Iranian crude in 2014, up 19.8 percent from the previous year.  The increase, it said, was the highest since 2012.

Under an interim nuclear agreement between Iran and the P5+1 group of countries - the five permanent UN Security Council members plus Germany – sealed in November 2013, Iran is allowed to keep exports at about 1 million bpd.

The country exported around 2.2 million bpd before toughened sanctions were put in place in early 2012.  

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