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Iran raises oil exports to West, almost on par with Asia

Iran, OPEC's 2nd biggest oil exporter, raise output since 2016 to recoup market share loss

Reuters  |  New Delhi 

Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter, has been raising output since 2016 to recoup market share loss to regional rivals including Saudi Arabia and Iraq. While many Asian nations continued to purchase oil from Iran during sanctions, Western nations halted imports, halving Iran's overall exports to as little as one million barrels per day ...

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First Published: Fri, June 09 2017. 18:55 IST