FX.co ★ Iranian oil reaches Europe for first time after embargo lifted

The first oil tanker has arrived to Europe from Iran since sanctions were officially lifted, Bloomberg reports.
The 275-meter Monte Toledo tanker got to Spain in 17 days. It started pumping to shore at a refinery owned by Cia. Espanola de Petroleos, near Algeciras.
In February, 29 tankers were loaded in Iranian ports. Three of them are heading towards Europe: Constanta (Romania), France and, supposedly, a Mediterranean port.
According to estimates, Iran delivered about 1.4 million barrels a day in February. The growth made up 350,000 barrels a day compared to the average level of the previous year. Tehran has promised to increase this figure.
The Iranian production is expected to recover to 3.6 million barrels a day against 2.8 million during the embargo.
Iran’s oil will be exported to a series of countries such as Spain, Romania, Tanzania, France, and the United Arab Emirates.