IEA Sees Iran as Unable to Sustain Increase in Crude Exports

IEA Sees Iran as Unable to Sustain Increase in Crude Exports Iran, which was once OPEC's second-largest oil producer, will be not be able to sustain a boost in crude exports that maintain its economy when some measures to control those shipments are eased, said the International Energy Agency (IEA).

Last month the European Union said that it proposes to suspend a ban in December or January on insuring tankers carrying Iranian oil. The U. S. said it will cease to force the buyers to cut purchases, even if they still aren't allowed to increase them.

The concessions are in return for commitments from the Persian Gulf state to give more information on its nuclear program, which western powers claim is planned to make weapons. Neither the EU nor the U. S. lifted sanctions on importing the nation's oil.

In November, Iran's oil shipments to other nations rose by 89,000 barrels a day to 850,000 barrels the IEA said, including both crude and condensates. The country reduced the quantity of oil stored in tankers to 22 million barrels by the end of the month from 37 million barrels in October, mentioned the agency.

The IEA estimated Iran's daily crude production at 2.71 million barrels in November, increased by 30,000 barrels from October, placing it as the sixth within OPEC, after Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Venezuela.