Iran can't resume oil export to Sri Lanka due to banking issues
Baku, Azerbaijan, Oct. 13
By Emil Ilgar – Trend:
Iran hasn’t resumed oil export to Sri Lanka due to banking problems despite that 9 months have passed since the sanctions on Iran have been eliminated, Mohsen Qamsari, the director for international affairs of the National Iranian Oil Company (NIOC) told Mehr Oct.13.
He said that the two countries are negotiation to resolve banking problems and it’s expected that oil exports will be resumed in the near future.
Western countries imposed sanctions on Iran, targeting the country’s oil export revenues in 2012, which led to decreasing Iran’s crude oil export from 2.2 million barrels per day (mb/d) to 1 mb/d.
The sanctions were eliminated in January 2016 after implementation of nuclear deal between Tehran and P5+1 Group (US, UK, France, China, Russia + Germany).
Currently, Iran’s crude oil exports stands above 2 mb/d, of which Asian Markets share above 90 percent.
Before sanctions, EU was client for 18 percent of Iran’s crude oil, but currently it purchases only spot oil from this country.