Iran Exports First Oil Shipment to Europe Since Nuclear Deal

TEHRAN, Iran (AP) -
Iran's President Hassan Rouhani attends a ceremony in the courtyard of the Hotel des Invalides in Paris, France, January 28, 2016. REUTERS/Michel Euler
Iran’s President Hassan Rouhani attends a ceremony in the courtyard of the Hotel des Invalides in Paris, France, Jan. 28. (Reuters/Michel Euler)

Iran’s official news agency says the country has exported a crude oil shipment to Europe for the first time since it reached a landmark nuclear deal with world powers last month.

Sunday’s IRNA report quotes Deputy Oil Minister Rokneddin Javadi as saying that the shipment was the first in five years. He called the shipment “A new chapter” in Iran’s oil industry but did not elaborate.

IRNA said several western tankers have also loaded Iran’s oil in recent days.

Iran plans to increase its oil production output by one million barrels per day, following implementation of the nuclear deal which lifted international sanctions in exchange for Iran restricting its nuclear activities.

Iran expects an economic bonanza after the lifting of the sanctions, which now allows it to access overseas assets and sell crude oil more freely.