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Iran prepares to export new oil grade amid sanctions threat: Sources

Iran used to sell crude only under long-term deals before economic sanctions were imposed in 2012

Reuters  |  New Delhi/Singapore 

Iran is readying the first commercial exports of its West Karoun crude oil grade for May or June, two sources familiar with the matter said, even as fresh economic sanctions against the country loom. Iran has already been shipping samples of the grade to customers since production from the West Karoun oilfields in southwest Iran nearly doubled in the past year to 300,000 barrels per day (bpd), the sources said. A new export facility allows West Karoun to be shipped directly rather than blended with other grades. "Initial cargoes of West Karoun will be sold on a spot basis as ...

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First Published: Tue, May 08 2018. 17:37 IST