Iran says it expects to increase exports of crude oil to Europe to as high as 800,000b/d by May. The country currently supplies Europe with 500,000b/d of crude oil.
Iran began pumping 15,000b/d of crude oil from Azar oilfield, which it shares with Iraq. Azar development project is aimed at production of 65,000b/d of crude oil.
Iran will keep its oil production cap at 3.8mb/d in the second half of 2017 if OPEC members stay committed to the oil cut agreement signed in November 2016.
Iran's crude oil exports hit a record 3mb/d in the Iranian month of Esfand (late February to late March). The country was released in 2016 from trade restrictions.
Russian oil giant Lukoil is targeting new projects in the United Arab Emirated (UAE), Iran, Oman and Kuwait as it plans to expand its operations in the Middle East.