The Oil & financial sanctions placed on Iran will probably be lifted within the first three months of 2016, according to four western diplomats familiar with the nuclear monitoring process.
Under the terms of a July 14 accord between world powers and Iran, sanctions imposed internationally on the Persian Gulf nation will be lifted in return for restrictions on nuclear work. The Vienna-based International Atomic Energy Agency will assess when Iran has fulfilled the terms of deal, paving the way for the removal of restrictions.
Iran, with the world’s fourth-largest oil reserves, is preparing to ramp up production once sanctions are eased, and European business executives and politicians are already shuttling to Iran to lay the groundwork for investment and trade.
Iran plans to produce 3.8 million to 3.9 million barrels of oil a day by March, with output rising by 500,000 barrels a day soon after sanctions are lifted and by 1 million barrels within the following five months, Oil Minister Bijan Namdar Zanganeh said in a Sept. 2 interview. It’s currently producing 2.8 million barrels a day, its highest level in three years, and is exporting more than 1 million barrels a day, he said
The current forcast shows a positive future for the Iranian container volume groth too. Iranian container volume is expected to rise 4 percent year over year in 2015, with imports inching up 2 percent and exports rising 8 percent. However many global shipping lines are still shying away from Iranian cargoes as they are still nervous about repercussions.
Arbour Shipping Ltd in conjunction with Arbour Shipping Dubai are still the most proactive company for shipments to Iran.