Iran will export 1m barrels of crude oil to Hungry during November, reported Tasnim News Agency.

The National Iranian Oil Company’s (NIOC) Director for International Affairs, Mohsen Ghamsari, said: “The contract to sell a cargo of one million barrels of crude oil to Hungary next month was finalized,” according to Reuters.

Ghamsari added that Currently, Iran exports about 2m barrels of its daily output of 3.8m and has regained almost its entire market share it held before termination of the anti-Tehran sanctions.

Moreover, Tehran and Budapest have worked to enhance bilateral post-sanctions, as the two countries signed a document on political consultation and cooperation between Iranian and Hungarian ministries of foreign affairs, a Memorandum of Understanding (MoU) on avoiding additional taxation and preventing tax evasion, and an agreement on economic cooperation were among the documents.