Iran oil exports limited to 1 million barrels a day under nuclear accord | The National

Iran’s crude oil sales will still be limited to about 1 million barrels a day under international sanctions that remain in force as part of the nuclear accord reached in Geneva today, according to the White House.

Iran’s crude exports have fallen 60 per cent since the beginning of 2012, depriving the country of more than US$80 billion in revenue, the Obama administration said in a statement after the deal was announced. The agreement means buyers that have significantly reduced purchases won’t be required to make further cuts and includes the removal of a European Union ban on insuring tankers transporting Iranian oil. An EU embargo on crude imports from the country remains in place.

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via Iran oil exports limited to 1 million barrels a day under nuclear accord | The National.

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