LONDON--Iran's oil exports are already rebounding after an
interim deal with the West but the Islamic Republic won't flood
markets even if international sanctions are lifted, the
International Energy Agency said Wednesday.
The IEA, the top energy watchdog, said global oil demand will be
higher than expected next year and that could push up oil prices
amid persistent production disruptions.
In its closely watched monthly oil market report, the IEA said
preliminary estimates indicate that receipts of Iran's crude oil
and condensate exports rose by 89,000 barrels a day in November, to
850,000 barrels a day as the Chinese bought more and shipments to
Taiwan resumed.
By contrast, the agency had said last month that Iran's crude
exports had reached their lowest level in 21 months in October.
The Iranian oil export rebound comes as, on Nov. 24, Iran and
six world powers agreed to a partial easing on international
restrictions in exchange for Tehran scaling down its nuclear
program.
The shipments would have been agreed before the sanctions relief
agreement suggesting the situation of the country's embattled oil
industry is already improving.
Write to Benoit Faucon at benoit.faucon@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires