Iran’s oil exports to Europe exceed 300,000 bpd

Iran’s crude oil exports to Europe have exceeded 300,000 barrels per day (bpd) since international sanctions on Tehran were lifted, the country’s oil minister Bijan Zanganeh said.

"Based on the contract signed between the National Iranian Oil Co and France's Total, it was agreed that Total will buy 160,000 bpd of crude oil from Iran to be delivered in Europe," Zanganeh told Shana, the ministry’s news agency. The deal is set to be completed on February 16.

Italy's state-backed energy group Eni has expressed interest in buying 100,000 bpd of crude oil from Iran, Zanganeh said, adding that a meeting had already been arranged to discuss the contract.

In addition, Italian refiner Sara is looking at the prospect of purchasing 60,000 to 70,000 bpd of crude oil from Iran.

Tehran has in recent months adjusted terms on energy contracts to make them more flexible and attractive to foreign investors.

Iran's oil exports plunged to 1 million bpd after sanctions were imposed in 2012, after peaking at 3 million bpd a year earlier.