Iran has sold its first cargo of West Karoun crude oil to Repsol, Reuters reported.
The Spanish company agreed to buy 500,000 barrels of the heavy grade crude on a spot basis, and will co-load the cargo within the next two weeks.
The National Iranian Oil Company (NIOC) has distributed samples of West Karoun grade among some of its customers.
The West Karoun field has nearly doubled its production since May 2017 to 300,000 barrels per day (b/d).
Iran’s total oil and gas condensate exports reached 2.7 million b/d and 300,000 b/d respectively in May 2018, the highest since international sanctions were lifted in 2016.
The Islamic Republic exports roughly 1.8 million b/d of crude to Asia, with a large amount of the remainder going to Europe.