Iran loads Europe oil cargo as Brent resumes decline

Oil prices traded near US$30 as the first shipment of Iranian crude set sail to Europe after the easing of sanctions last month.

The price of Brent, the global benchmark, opened in early morning trading in London at $33.31 on the news of Iranian crude being shipped to Europe for the first time in five years.

French energy giant, Total, is expected to set off with 2 million barrels while Spain’s Compania Espanola de Petroleos (Cepsa) and the trading arm of Russia’s Lukoil, Litasco, will also carry 1 million barrels each.

Iran’s deputy minister of petroleum, Rokneddin Javadi, said on Sunday that the country had increased its crude oil production to 400,000 barrels a day, according to Iran’s news agency, Irna. He added that figure was expected to increase by another 200,000 barrels.

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