Iran Closes In On Saudis As Oil Exports Soar
Market data from Reuters shows that Iranian crude oil exports in April reached 2.3 million barrels per day, exceeding forecasts, while May exports are expected to be around 2.1 million barrels per day—or almost 60 percent higher than a year ago.
In May last year, by way of comparison, Iran was exporting about 1.3 million bpd, according to Reuters.
Logistics were holding up Iranian exports, with tankers being a key problem and indications now that this has been partially resolved.
A week ago, Iranian officials announced that sanctions on the country’s shipping lines have been completely removed, and that Iranian tankers are now free to dock at any port in the world.