Iran exceeds interim deal’s oil export limits

Iran is exporting much more crude oil than the one million barrels per day to which it agreed as part of an interim deal with Western nations over its nuclear program, the International Energy Agency said, with the Islamic Republic’s actual exports far exceeding that limit.

According to the Friday report, quoted by Reuters, Iran’s oil exports have reached a 20-month high with an average of 1.65 million barrels-per-day sold in February.

While early data pointed to March exports falling to 1.05 million barrels-per-day, IEA officials said those numbers would likely rise once fuller information was acquired.

According to the November deal, exports must average at no more than one million bpd during the period of January 20th-July 20th. White House officials have said they still believe the numbers will average out to meet that limit come July.

Iranian foreign minister Mohammad Javad Zarif said Wednesday he believed Iran and the major powers were in “50-60 percent agreement” on the issues as they try to hammer out a final agreement. The deadline for such a deal is the end of July, although the talks may then be extended.

The next round of discussions will take place in May.