Oil Sales Steady As Agreement Rolled-Over
BMI View : Iranian oil exports in the second half of 2014 will remain close to H114 export levels of 1.27-1.30mn barrels per day (b/d), as Tehran and the P5+1 countries agreed on July 18 to a four-month extension in talks on the nuclear programme.
As expected by BMI, Tehran and the P5+1 countries failed to meet a July 20 deadline for a 'permanent' deal over Iran's nuclear programme and instead set a new deadline for November 24 ( see 'Nuclear Talks: Protracted Negotiations Likely', February 26). Under the extension of the deal, conditions remain largely unchanged from the original November 2013 interim deal reached in Geneva. The agreement had provided Iran with the immediate gain of approximately USD7bn in sanctions relief, but did not lift any of the key economic sanctions on the Islamic Republic's banking and energy sectors.
H214 Oil Sales Steady Despite Slight H114 Uptick
|Oil Exports To Remain Stable|
|Iran Oil Production, Consumption and Net Exports (000b/d)|