Iran oil exports highest since nuclear deal at 2.7 million bpd

Reuters  |  LONDON 

(Reuters) - Iran's exports hit 2.7 million barrels per day (bpd) in May, the Ministry's agency SHANA reported on Saturday, a new record since the lifting of international sanctions on in 2016, and despite the threats of fresh U.S. sanctions.

exported 2.4 million bpd of in May, SHANA reported, and 300,000 bpd of

Iran's was 2.6 bpd in April.

The estimates from Geneva-based Petro-Logistics suggested this week that Iranian are not rushing to cut volumes from OPEC's third-largest The U.S. sanctions have a 180-day period during which buyers should "wind down" purchases.

The bulk of Iran's crude exports, at least 1.8 million bpd, goes to Most of the rest goes to and these volumes are seen by analysts and traders as the more vulnerable to being curbed by U.S. sanctions.

European powers still see the nuclear accord as the best chance of stopping from acquiring a nuclear weapon and have intensified efforts to save the pact.

Iran's top Ayatollah said on May 23 that European powers must protect Iranian from U.S. sanctions, and continue buying Iranian crude, if they want to stay in the nuclear deal.

Iranian said this week that he was hopeful that an agreement with would inspire other potential buyers of Iranian oil.

(Reporting by Bozorgmehr Sharafedin; Editing by Andrew Bolton)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, June 02 2018. 18:39 IST