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Intakes of Iran’s crude oil and condensate rose around 15% year-on-year in 2014, despite still being under sanctions, as its two biggest customers China and India looked to take advantage of an improved diplomatic atmosphere, brought about by the ongoing negotiations between Iran and world powers.
Iran has since late 2013 been locked in talks with the P5+1 group of world powers – Britain, France, Russia, China, the US and Germany – in an attempt to settle a decade-long dispute over Iran’s nuclear program. The US and its allies fear Tehran is developing nuclear weapons, a charge it has repeatedly denied.
Under an interim deal signed by the two sides in November 2013, sanctions imposed on Iranian oil exports were eased, in return for a scaling back of the most advanced parts of the Iranian nuclear program.
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