Tehran is set to target India, Asia’s fastest-growing major oil market, and old partners in Europe with hundreds of thousands of barrels of its crude.
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The oil industry is braced for a ramp up in Iranian production after western powers lifted many of the sanctions linked to its nuclear programme, paving the way for Tehran's full return to the international market.The re-emergence of Iran, which claims it can swiftly boost production and exports by 500,000 barrels a day, threatens to add to the glut of oil that has pushed prices to a 12-year low of less than $30 a barrel. UN inspectors said on Saturday that Iran had dismantled significant elements of its nuclear programme, paving the way for the country to increase exports of its crude to global markets after nearly four years under economic and financial sanctions.However while Iran is now able export oil worldwide – rather than just to a handful of countries, as it was permitted to do under sanctions – other restrictions remain in place that may stall the return of energy companies.Having tested export infrastructure in recent months, Tehran has signalled the lifting of sanctions would mean Iran could immediately sell more oil abroad.Under sanctions Iran bartered oil for goods to avoid losing out on price.
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