LONDON: Iran’s oil exports hit 2.7 million barrels per day (bpd) in May, the Oil Ministry’s news agency SHANA reported on Saturday, a new record since the lifting of international sanctions on Tehran in 2016, and despite the threats of fresh US sanctions.

US President Donald Trump on May 8 said the United States was exiting a 2015 nuclear deal with Iran and would impose new sanctions that seek to reduce the country’s oil shipments.

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

Iran’s oil exports was 2.6bpd in April.

The estimates from Geneva-based Petro-Logistics suggested this week that Iranian oil buyers are not rushing to cut volumes from Opec’s third-largest producer. The US sanctions have a 180-day period during which buyers should “wind down” purchases.

Published in Dawn, June 3rd, 2018