Iran’s first post-sanctions oil delivered to Europe

Monte Toledo tanker with 1 million barrels of Iranian oil came Sunday to Europe after 17 days, according to Bloomberg. This is the first tanker delivered Iranian oil in Europe, after Brussels in January this year withdrew from Tehran sanctions imposed against that middle Eastern country in mid-2012.

According to the Agency, 275-metre-long tanker Sunday began unloading crude oil delivered to the oil processing plant of the Spanish company Cia Espanola de Petroleos, near the port of Algeciras in southern Spain. By midday, the tanker had pumped ashore about a fifth of its cargo.

According to the Agency, in this month plant of Cia Espanola de Petroleos expects the arrival of about eight ships with Iranian oil.

Meanwhile, within Europe there are also other tankers with Iranian oil. In February, Bloomberg consisted of 29 ships loaded with Iranian oil, three of which are directed towards Europe. So, the Eurohope tanker sailing in a Constant oil port of Romania, a tanker Atlantas is on his way to France. Another tanker Distya Akula is anchored in the Suez canal and most likely on his way to one of the Mediterranean ports.

Bloomberg notes that the arrival of the tanker Monte Toledo to Europe testifies to the return of Iran to the European oil market. With reference to preliminary data of the Geneva company Petro-Logistics SA, the Agency notes that Iran exported in February and 1.4 million barrels of oil per day, up by 350 thousand barrels per day from the average level of 2015.

However, according to the Director of Petro-Logistics Daniel Gerber, there are prerequisites that soon Iran will increase its exports to 500 thousand barrels per day, as promised. “I think they will increase exports to 500 thousand barrels a day in March”, – quotes Agency of his word.

Agree with him and head of energy research at Citigroup’s Seth Kleinman, who notes that more and more countries are buying Iranian oil. “You see tankers coming to Spain, Romania, Tanzania, France and the UAE. Also in February, there was a burst [of supply] in India”, he said.

Iran received an opportunity to sell oil to European customers from mid-January, after the lifting of international sanctions. Earlier, Iranian oil Minister Bijan Zanganeh said that immediately after the lifting of sanctions Iran is ready to supply the world market with an additional 500 thousand Barr./day.