Iran exports oil to Europe for first time since nuclear deal

TEHRAN — Iran’s official news agency says the country has exported its crude shipment to Europe for the first time since it reached a landmark nuclear deal with world powers last month.

Sunday’s IRNA report quotes Deputy Oil Minister Rokneddin Javadi as saying the shipment was the first after five years. He called the shipment “a new chapter” in Iran’s oil industry but did not elaborate.

IRNA said several western tankers have loaded Iran’s oil in recent days.

Iran plans to add one million barrels to its oil production following implementation of the nuclear deal, which lifted international sanctions in exchange for Iran restricting its nuclear activities.

Iran expects an economic bonanza after the lifting of sanctions, which will allow it to access overseas assets and sell crude oil more freely.

The lifting of sanctions from Iran following the implementation of a nuclear deal signed between Tehran and world powers in mid-July last year is seen, however, as one of the factors contributing to a drop in the price of crude oil.