Iranian oil set to return to Europe next month, say officials

Baku, January 22, AZERTAC

Iran is preparing to restart regular crude-oil shipments to the European Union possibly as early as February, Iranian officials said this week, despite a host of barriers to selling its petroleum to the West.

Iran’s state-owned National Iranian Oil Co. is tentatively preparing a shipment of at least 1 million barrels of light crude to a Mediterranean port in the European Union around mid-February, an Iranian official said. It would be the first shipment to the EU since an embargo on Iranian oil was lifted last week as part of the end of western sanctions.

With sanctions lifted over the weekend, Iran has pledged 500,000 barrels a day of new crude exports in the next few months and 1 million barrels a day within a year.

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