Iran Oil Exports Rose 13% in February

International Energy Agency (IEA) reported today that Iran’s oil exports rose by 13 percent in February despite widening sanctions. Customers purchased 1.28 million barrel a day from Iran last month, compared to 1.13 million bpd in January. A new U.S. sanction requiring importers to pay in local currencies kept in escrow accounts did not appear to affect February shipments. (Bloomberg, 13 March)

Iranian exports are still down from a daily average of 1.5 million a day last year and 2.5 million in 2011, and Reuters reported on Monday that March deliveries might be as low as 810,000 bpd. But IEA’s report shows Iran could increase its exports last month, questioning the accuracy of low estimates for March.

Iran’s output also expanded last month, rising 2.6 percent to 2.72 million barrels a day, compared with 3 million barrels a day in 2012, IEA reported.

File photo: Iran’s oil export terminal at Kharg Island (Getty Images)