Iran hopes to raise March oil exports on higher European sales: sources | Reuters

Iran hopes to raise March oil exports on higher European sales: sources | Reuters:

"Iran, OPEC's No. 3 producer, is expected to raise its oil exports in March to around 1.65 million barrels per day from 1.5 million bpd a month earlier on the back of higher crude shipments to Europe, two industry sources told Reuters on Thursday.

State-run National Iranian Oil Co. (NIOC) is expected toship around 250,000-300,000 bpd to Europe this month after it finalised term deals with France's Total and Spanish refiner Cepsa, effective from March 1, said the sources, who are familiar with Iran's exports.

The French oil major has a contract to buy about 200,000 bpd, while Cepsa's deal was for about 35,000 bpd, one source said. Total is expected to lift at least 5 million barrels in March, the source added.Litasco, the trading arm of Russia's Lukoil, Cepsaand Total have become the first buyers in Europe after thelifting of sanctions and lifted trial cargoes in February,trading sources told Reuters."



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