IEA: Iran ups oil exports to main Asian buyers

Iran’s oil exports to its top three Asian customers increased for the third consecutive month, the International Energy Agency (IEA) said. In its monthly report released on Friday, the IEA said Iran’s February oil exports were up 240,000 bpd month-on-month, a development stemming from Iran’s deal with the six world powers. “Imports of Iranian oil are running well above 2013 levels for the third consecutive month,” the IEA report added. China imported 168,000 bpd more oil from Iran while India and South Korea increased their oil purchase from Iran respectively by 93,000 bpd and 83,000 bpd. The IEA said Iran’s March oil exports “will likely be revised upwards closer to February levels upon receipt of more complete data”. Iran's crude oil exports have been rising over the past months ever since Tehran reached a breakthrough deal with six world powers last November. Iran and the Group 5+1 (the five permanent UN Security Council members plus Germany) signed the Geneva deal on November 24, 2013. The two sides started to implement the agreement on January 20, 2014. Under the Geneva agreement, the six countries agreed to provide Iran with some sanctions relief in exchange for Tehran agreeing to limit certain aspects of its nuclear activities during a six-month period.