Iran’s May oil exports set to surge nearly 60 percent from a year ago: source | Reuters

Iran’s oil exports are set to surge in May, climbing nearly 60 percent from a year ago, with European shipments recovering to about half of pre-sanction levels, according to a source with knowledge of the country’s crude lifting plans.This shows Tehran is regaining market share at a faster pace than analysts had projected as it battles with Saudi Arabia for customers by cutting its prices. April loadings at 2.3 million barrels per day (bpd) were around 15 percent higher than the International Energy Agency estimated earlier this month.May shipments are set to jump to 2.1 million bpd from 1.3 million bpd during the same month in 2015, when Iranian exports were constrained by Western sanctions imposed because of the country’s nuclear program. The April loadings were the highest since January 2012.The increase in loadings suggests that Iran has overcome a tanker shortage that threatened to derail attempts to regain market share after the sanctions were lifted in January.Saudi Arabia will feel the surge in Iranian exports most keenly as it struggles for regional supremacy with Iran, with the oil market becoming a key battleground.Saudi Arabia plans to boost production in the coming months to squeeze the Iranians, said Ian Bremmer, the president of political risk consultancy Eurasia Group, who spoke recently with executives and a member of the ruling family.

Source: Iran’s May oil exports set to surge nearly 60 percent from a year ago: source | Reuters

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