TEHRAN, July 28 (UPI) -- Iranian oil shipments for export have reached 2.5 million barrels per day, bringing the Islamic Republic at least $300 million per day, officials said.
The Iranian oil minister made the announcement during the weekend. "Iran is exporting 2.5 million barrels per day at an average price per barrel of $120," Press TV quoted Gholamhossein Nozari.
With crude posting a market average of $120 per barrel, that translates to around $300 million per day for Iran, which faces increased economic sanctions because of its controversial nuclear program.
Crude shipments from the second-largest producer of crude oil in the Organization of Petroleum Exporting Countries rebounded from a drop of 200,000 barrels per day in April and May. Iranian officials credit the spring drop to refinery maintenance at companies that import Iranian crude.
Iranian OPEC Governor Mohammad Ali Khatibi said in June Iran had made plans to boost its oil production to at least 2.5 million barrels per day following the completion of the maintenance schedule.
