Iran exports first oil shipment to Europe since nuclear deal

TEHRAN, Iran -- Iran says it has exported its first crude oil shipment to Europe since it reached a landmark nuclear deal with world powers, the official IRNA news agency reported Sunday.

See Full Article

IRNA quoted Deputy Oil Minister Rokneddin Javadi as saying the shipment was the first in five years and marked "a new chapter" in Iran's oil industry.

He did not elaborate but IRNA said several western tankers have loaded Iran's oil in recent days.

Iran plans to add one million barrels to its oil production following implementation of the nuclear deal, which lifted international sanctions in exchange for Iran restricting its nuclear activities.

Iran expects an economic bonanza after the lifting of sanctions, which will allow it to access overseas assets and sell crude oil more freely.

Javadi said Iran has already reached agreement to export oil to France, Russia and Spain.

The country used to export 2.3 million barrels per day but its crude exports fell to 1 million in 2012. Iran's total production currently stands at 3.1 million barrels per day.

In order to retake its market share, Iran said in January that it will add to its production despite the drop in prices and should not be blamed for the further price drops. Iran's regional rival Saudi Arabia is OPEC's largest producer.

In November, Tehran unveiled a new model of oil contracts aimed at attracting foreign investment in anticipation of the lifting of sanctions. Iran has sweetened the terms of the new model, hoping to bring in $30 billion in new investment. The new contracts last 15 to 20 years and allow for the full recovery of costs. The older model contracts were shorter term and investors complained of heavy risks and losses.



Advertisements

Latest Economic News

  • Lagarde urges countries to settle trade disputes, cut debt

    Economic CTV News
    WASHINGTON -- The head of the International Monetary Fund is urging countries to work out their differences over trade and take advantage of a healthy world economy to reduce debt before the next downturn comes. Source
  • Kushner Cos. subpoenaed by feds after AP report

    Economic CTV News
    NEW YORK -- The Kushner Cos. has been subpoenaed by federal prosecutors for information related to an Associated Press report that the company filed dozens of false documents about its buildings in New York City. Source
  • Pipelines, politics and petrodollars: Here's why Canadian gas prices are spiking

    Economic CBC News
    The price of filling up a tank of gas is a classic Canadian irritation. But a confluence of factors may soon make that process even more gob-smacking than usual. Here's a look at five reasons gas prices are soaring. Source
  • Air Canada, WestJet offer cheap basic economy fares for no-frills seekers

    Economic CBC News
    Thought economy was the lowest class on a plane? Think again: Air Canada and WestJet are selling "basic economy" fares that cost less and offer even fewer features, such as no options to change your flight. Source
  • Asian stocks fall over trade concerns

    Economic CTV News
    SEOUL, Korea, Republic Of - Asian shares fell back Friday after a major supplier to Apple forecast continued weak demand for mobile devices. A warning by the head of the IMF over the potential for trade tensions to harm global growth also weighed on sentiment. Source
  • Global shares fall back on trade worries, tech outlook

    Economic CTV News
    SEOUL, Korea, Republic Of -- Global shares fell back Friday on worries over trade tensions and tech outlook after a major supplier to Apple forecast continued weak demand for mobile devices. A warning by the head of the IMF over the potential for trade tensions to harm global growth also weighed on sentiment. Source
  • Canadian Pacific starting operations shutdown ahead of possible strike

    Economic CTV News
    CALGARY -- Canadian Pacific Railway says it has begun shutting down train operations ahead of a possible strike set to start Saturday by two unionized workforces. The company says it has an embargo application in place on shipments going to or from CP's Canadian locations that will take effect just after midnight on April 21. Source
  • DavidsTea swings to loss on charges but says e-commerce improving

    Economic CTV News
    MONTREAL - DavidsTea Inc. says it swung to a loss in its last quarter as onerous contract charges and impairments weighed on its balance sheet. The specialty tea retailer says it had a loss of $16.1 million for the fourth quarter ending Feb. Source
  • Rogers profit rises by more than a third to $425M

    Economic CBC News
    Rogers Communications Inc. reported a $425 million net profit in its first quarter, up 37 per cent from $310 million in the comparable period last year. The wireless, cable, internet and media company's adjusted earnings grew even more, rising by 45 per cent to $477 million under new accounting rules that Rogers began using in the quarter ended March 31. Source
  • Ottawa's new privacy rules give businesses flexibility on reporting data breaches

    Economic CTV News
    OTTAWA -- Federal data breach regulations set to take effect Nov. 1 will require mandatory reporting of security breaches that pose a "real risk of significant harm," but give businesses flexibility about how that's done. Source