Iranian oil lands in Europe
The Monte Toledo oil tanker with a haul of one million barrels of crude arrived in Europe from Iran in just 17 days, Bloomberg reports.
The agency informs that on Sunday, the tanker became the first to deliver Iranian crude into Europe since mid-2012, when Brussels imposed an oil embargo due to its nuclear program.
The ban was lifted in January as part of a broader deal that ended a decade of sanctions.
Other tankers with Iranian oil are close behind the Monte Toledo. In February 29 vessels loaded crude from the Middle Eastern nation, according to data compiled by Bloomberg. Of them, three are heading toward Europe -- the Eurohope tanker is sailing to Constanta, an oil port in Romania, and the Atlantas is on its way to France. Another one, the Distya Akula, is anchored at the mouth of the Suez Canal, and is likely to head into a Mediterranean port.
According to Bloomberg, if all goes as Tehran has planned, the Middle Eastern country will boost its production back to the 3.6 million barrels a day it pumped in 2011.
After the European embargo was imposed and the U.S. tightened other sanctions, Iranian oil production dropped to about 2.8 million barrels a day.