Code: 765439 A

"Iran's exports of crude oil to global market are higher than half a million barrels a day," an energy expert told in an interview.

Speaking to ILNA news agency, Abdolsamad Rahmati, an oil analyst said: "Some say that Iranian oil sales are below half a million barrels but it is not true. If the oil stored in some countries will be sold monthly, Iran export will be offset."

He added that therefore, the market is not facing a shortage, and that has only one reason, Iran can sells its oil.

An oil analyst believes that Saudi oil cannot replace Iranian oil in the market because Saudi Arabia has not produced 11.5 million barrels continuously during the history of its oil production.

"Expect UAE and Saudi Arabia, the only country with its oil is close to Iran's oil is Iraq country. Iraq has quietly emerged as the world's fourth-biggest oil producer and wants a bigger say in OPEC," Abdolsamad Rahmati confirmed.

He said Perhaps Iranian diplomacy has somewhat succeeded so far that Iraq has not wanted to replace Iran with OPEC. The reality of the deal agreed between Iran and Iraq, though, runs much deeper.

Oil hit multi-week highs on Monday after OPEC indicated it was likely to maintain production cuts that have helped boost prices this year, while escalating Middle East tensions provided further support.

Brent crude was up by 34 cents to $72.55 a barrel by 0928 GMT, having earlier touched $73.40, the highest since April 26.

The United States reimposed sanctions in November on exports of Iranian oil after U.S. President Donald Trump last spring unilaterally pulled out of the 2015 accord between Iran and six world powers to curb Tehran’s nuclear program.

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Iranian oil exports
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