Iran’s oil exports forecast to hit 2m bpd as first tanker docks in Spain

The Monte Toledo off Gibraltar

Iran’s oil exports will soon reach two million barrels a day, Economy Minister Ali Tayyebnia forecast  over the weekend, as the Monte Toledo oil tanker became the first vessel to deliver Iranian crude into Europe for four years when the 275-meter tanker started offloading its cargo of one million barrels of crude oil into a refinery owned by Espanola de Petroleos near Algeciras.
According to Bloomberg, 29 vessels loaded with crude set off from Iran last month, with at least three of them destined for Europe – the Eurohope heading for  Romania, the Atlantas for France and the Distya Akula,  which is currently is anchored at the mouth of the Suez Canal,  likely to end up in a Mediterranean port.
In a separate development, the Governor of the Central Bank of Iran Valiollah Seif predicted over the weekend that the country’s  economy would grow at more than 5% over the course of the year.  “Iran’s economic growth slowed down in 2015 but domestic and international predictions both indicate that growth in 2016 would be beyond 5%,” he said.
In January world powers led by the United States and the European Union lifted sanctions on the country in return for curbs on its nuclear program. The subsequent leap in Tehran’s stock market in late January and early February gave a hint of the country’s investment potential, but President Hassan Rouhani said last month that his country needed a growth rate of 8% in order to deal with inflation and unemployment, both of which are running at over 10%.

Source: Bloomberg