|  | 

Foreign Affairs

Iran West Karoun 1st oil shipment sold to Spain

Tehran, Reuters quoted two informed sources as saying that Iran West Karoun first oil consignment was sold to Spain.

The Persian Gulf nation's exports hit 2.7 million barrels per day (bpd) of oil in May, the Petroleum Ministry's news agency SHANA reported on Saturday, a new record since the lifting of international sanctions on Tehran in 2016, Reuters reported.

Iran exported 2.4 million bpd of crude oil in May, Reuters quoted SHANA, and 300,000 bpd of natural gas condensate.

Iran is marketing the West Karoun crude as Pars oil, two sources said. Iranian officials have repeatedly said that Tehran considers the nuclear deal in place as long as Iran could sell its crude and receive its money.

National Iranian Oil Company (NIOC) has already distributed the samples of the heavy oil from West Karoun oilfields in southwest

Production from the field has nearly doubled in the past year to 300,000 bpd, sources told Reuters last month.

Repsol has agreed to take 500,000 barrels of Pars crude on a spot basis, one of the sources was quoted as saying.

The Spanish firm will be co-loading the cargo with Iranian heavy grade, this source said, adding Repsol is scheduled to lift the cargo later this week or early next week.

US President Donald Trump announced on May 8 that Washington would withdraw from Iran nuclear deal and reinstate nuclear sanctions on Iran.

This is while most world powers including Russia, China, and European Union have repeatedly stressed that keeping the deal is in the interest of world peace and security.

Source: Islamic Republic News Agency - IRNA


The iran News Gazette is mainly concerned with news and information about the Arab region and also covers international issues. Its main objective is to provide reliable and verified information on the Arab region for publishing on the digital landscape.