Iranian crude and condensate exports plunged close to 300,000 b/d in March. This follows strong gains in January and February on the back of the November 23 interim nuclear deal.

Imports of Iranian crude rose by 420,000 b/d between December – too soon for buyers to react to the thaw in relations – and February, when they hit 1.5mn b/d, the highest level in a year. January exports also topped 1.4mn b/d, import statistics indicate. These volumes are considerably higher than those permitted by the West, under the terms of the interim nuclear deal signed with Iran late last year. (CONTINUED - 1089 WORDS)