Iran’s crude exports rise with 66 percent

By Finance

 Statistics show that Iran has 66% more exported crude oil in May than in April, due to purchases by China according to the International Energy Agency. It is reported that Iranian crude production rose to 1.39 million barrels a day from 835,000 barrels a day in April.

For the last month analysis revealed that China imported 715,000 barrels of Iranian crude, compared to April 370,000 barrels. The reason for this rise is that in April port congestion delayed deliveries and pushed off cargoes.

It is known that the U.S., its allies and the European Union imposed ban of Iran's oil export because of the allegations of Iran's attempts of enriching uranium. The oil export is the main source of revenue for the Islamic republic.

Iranian crude production rose by 30,000 barrels a day in May to 2.68 million barrels a day, the IEA informed. The country was holding about 30 million barrels of oil in floating storage at the end of last month, a level unchanged from April.