Mubasher: The Iranian oil exports recorded higher-than-expected levels during February on the back of waivers from the US sanctions against the Islamic Republic.

Iran’s oil exports averaged 1.25 million barrels per day (bpd) in February, compared to 1.1 million bpd a month earlier, Reuters reported, based on data released by informed sources.

Oil shipments of Tehran dropped from 2.5 mbpd in April due to the re-imposing of the US sanctions after the administration of president Donald Trump pulled off the nuclear deal with Iran.  

Any increase in Iranian oil shipments will compromise efforts of the Organization of the Petroleum Exporting Countries (OPEC) to contain supply and boost prices.

Washington’s moves to strangle Iran’s oil production will lead to higher prices, adding to the shortage in Venezuelan supplies.

Earlier in February, OPEC reduced its forecast for the world’s demand for crude oil during 2019 by 240,000 barrels per day (bpd).

Global oil demand is expected to reach 30.59 million bpd this year, OPEC said, basing its forecasts on sluggish global economic growth and the expected increase in oil supplies.