After Iran had a deal regarding lifting sanctions within the oil industry it stated to put an additional 1 million barrels of oil a day on the global market within a year.
Recently, analysts suggested this claim was unrealistic and would likely only achieve approximately half of this figure. However recent oil production figures show that Iran is well on its way to hitting this figure.
The IEA released a report today said Iran produced 3.56 million barrels of oil a day in April, nearly 680000 barrels more than a year ago.
Sanctions were lifted in January after a deal was reached with Iran pushing back its capacity to produce nuclear weapons. Since the sanction changes Iran's oil exports have jumped significantly by 600000 barrels a day in April to 2 million.
Oil prices are continuing to climb. Brent has now gone over $48 a barrel and would likely by much higher if it wasn't for Iran's additional supply of oil.
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