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• Iran is boosting exports of both crude oil and refined products after international sanctions were lifted in January. Crude production has steadily increased from 2.89mn b/d in December to 2.97mn b/d last month, with growth likely to accelerate (MEES, 11 March 2016).
• Latest Jodi data (see p10) shows increased crude exports, refinery intakes and products exports for January, with the crude figure boosted by drawing down stocks. Iran claims to have exported 1.55mn b/d of crude and condensate in January, the highest since September 2013. MEES pegs the number some 200-300,000 b/d below this (see p24), but there is no doubt that export volumes are on the rise.
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