Repsol buys one million oil barrels from Iran
Iran has signed an agreement to sell another million oil barrels to the Spanish oil company Repsol, figure that raises the volume of Iranian oil imports by Europe.
Iran together with USA, Russia, China, United Kingdom, France and Germany signed in July 2015, The Joint Comprehensive Plan of Action, a nuclear deal which is in force since January 2016. Although this agreement places some restrictions to Iran regarding its nuclear programme, it releases the country from the sanctions it has had for some years.
The signature of the deal allowed that one million of Iranian oil barrels were received in Spain in March 2016, amount which was tripled in April when the crude was sent to Cepsa, Repsol and BP refineries.
Since international sanctions against Iran were lifted, dozens of worldwide companies have shown they are interested in buying again Iranian crude oil. According to data published in the local media, the Islamic Republic of Iran have increased its exports to Europe up to 600,000 oil barrels per day, whereas before the signature of the nuclear deal the figure was 100,000 barrels per day
In spite of hydrocarbons low prices at the global level, Iran has announced it will export during 2016 in order to recover the market share it had before sanctions, which was 2 million oil barrels per day.
Source: ABC