MOSCOW (MRC) -- Iran is on track to raise oil production by 500,000 bpd after the lifting of sanctions this month and has already sold 6 supertankers with additional crude to buyers in Europe and Asia, a Iranian oil source said, reported Reuters.
The source, familiar with export operations, said three supertankers with additional volumes of crude have been sold to buyers in Europe and three to Asian customers for delivery in February.
Trading sources said Litasco, the trading arm of Russia's Lukoil, looked set to become the first buyer in Europe since the lifting of sanctions.
The Swiss trader will deliver 1 million bbl of Iranian Light grade to Lukoil's Petrotel refinery in Romania, loading at Iran's Kharg Island terminal on February 5.
"Iran raised its crude oil production by at least 500,000 bpd and the market will see it in the next few days," said the Iranian source, who is familiar with export operations.
"(There are) three contracts finalized with European customers... Iran is also talking with its traditional customers in Asia, especially India."
Iran has promised to begin regaining market share lost during years of curtailed output after European sanctions on its oil industry were lifted this month.
As MRC reported previously, OAO Lukoil Holdings, Russia's No. 2 oil producer, will invest USD1 billion in the oil firm Samara-Nafta to increase production. Lukoil acquired Samara-Nafta from Hess Corp. this month for USD2 billion as part of a strategy to stabilize and increase oil production. Lukoil has for years fought declining output at its main, Soviet-era fields in Western Siberia. The investment in Samara-Nafta will increase production by between 5% and 7% over the next five years from 2.5 million tonnes a year, Prime news agency cited the company as saying.
LUKoil, a Russian-based company, is one of the global leaders in the production and refining of crude oil and gas resources. The world's largest privately owned oil and gas company, measured by proven oil reserves, LUKoil has operations in over 40 countries.
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