For the first time since 2012, Iran’s oil exports have risen to 1.8 million barrels per day (mbd), and many top global experts anticipate the rising trend of crude oil exports will continue.
Accordingly, the National Iranian Oil Company has stated that in order to materialize and achieve future objectives, not less than 2 billion barrels of oil should be produced a year.
Ever since the historic removal of sanctions in January, Iran has been working to raise production by 1 mbd on top of another million barrels which the Republic has already been producing.
The Islamic Republic’s oil industry is sustained by Europe’s resumption of imports; especially France’s Total, Spain’s Cepsa and Russia’s Litasco, thus Iran have bought 4 million barrels since Jan.
As the nation is finally emerging from years of sanctions and pursuing to put its economy on robust footing, Iran is currently holding extensive discussions to get its 1st credit rating.
It’s worth mentioning that the Islamic Republic is being portrayed as the largest emerging market closed to business since the collapse of the Soviet Union, with a remarkable amount of energy resources.
In accordance, a debut credit rating would substantially help the Republic put itself on the global map for investment and business and cast off reservations held by global firms about entering its market.
The Persian Gulf oil/rich nation has signed and expects to sign many agreements with top European countries to eventually simplify the financing of exports and ease the impact of banking restrictions on trade.
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