Mubasher: Iran exported the first shipment of crude oil to Europe after five years of sanctions, which represents a turning point in Iran's oil industry, Iranian deputy petroleum minister said on Sunday.
He added that Iran's crude oil production increased by 400,000 barrels per day after sanctions were lifted and another increase of 200,000 bpd is also expected.
General Director of the National Iranian Oil Company said that Iranian oil transactions were resumed with France’s Total, Russia’s Lukoil and a Spain-based refinery.
The deputy petroleum minister stated that the oil sale contract between the National Iranian Oil Company and Total will be extended annually as long as it is not canceled by both parties.
Iran has announced its intention to raise oil production and exports at two-stages with an increase of one million barrels per day.
