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2015-12-04 21:50:00

IRAN & CHINA OIL CONTRACTS

IRAN & CHINA OIL CONTRACTS

Iran is taking steps to ramp up oil exports ahead of an end to U.S.-led sanctions, extending crude contracts with its top two Chinese buyers into 2016 and starting talks with other potential buyers there, sources involved in the talks said.

Previously OPEC's No.2 exporter, Iran is keen to recoup oil market share lost during U.S. and European Union sanctions over its nuclear program and is aiming to boost oil output by 500,000 barrels per day (bpd) - equal to about 50 percent of current exports - in early 2016.

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Tags: IRAN, CHINA, OIL
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