Iran Signs Oil Deal With European Refiner as Sanctions End - Bloomberg Business

Iran Signs Oil Deal With European Refiner as Sanctions End - Bloomberg Business:

"Iran signed an agreement to supply crude oil with Hellenic Petroleum SA, a Greek oil refinery, in what may be the Persian Gulf producer’s first such deal with a European company since the removal of international sanctions this month.
Deliveries will begin immediately, Hellenic Petroleum said in an e-mailed statement on Friday. The agreement also includes an adjustment for a financial backlog owed to Iran’s state oil company after sanctions imposed four years ago, according to the statement. Iran’s Deputy Oil Minister Amir Hossein Zamaninia discussed potential energy co-operation with Greek Energy Minister Panos Skourletis earlier on Friday in Athens.
The oil market is bracing itself for a ramp up in supplies from Iran amid a global supply glut that pushed prices down to a 12-year low. Oil analysts surveyed by Bloomberg anticipate the nation will ship 100,000 barrels a day more crude within a month of sanctions ending, and four times that within half a year. Iran says it will boost exports by 500,000 barrels a day right away."



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