BREAKING NEWS

IEA: Iranian oil exports surge above West's sanctions cap

By REUTERS

APRIL 11, 2014 16:01

LONDON - Iran's crude oil exports have surged to their highest in 20 months, far exceeding a one million barrel-per-day limit set by the West under an interim deal on curbing Tehran's nuclear program.

The International Energy Agency's monthly report revised February's global crude imports from Iran upwards by 240,000 bpd to 1.65 million barrels per day, the highest since June 2012.

Under a landmark deal signed in November between Iran and world powers - known as the P5+1 - that came into effect in January of this year, Iran's exports are supposed to be held at an average 1 million bpd for the six months to July 20.

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