European banks may assist with handling Iranian oil export payments

Iran's deputy oil minister for international and commercial affairs said European banks may play a role in managing money gained from the country's oil exports. Ali Majedi, Iran's deputy oil minister for international and commercial affairs said European banks may play a role in managing money gained from the country's oil exports, Bloomberg reported. Majedi said in an interview on Dec. 18 that Iran would also consider providing model production contracts to international oil companies in April.

"We are comparing them all to eventually come up with a new contract model, which will probably be a service contract, but with more benefits," Majedi said.

The International Energy Agency said Iranian exports of oil increased 10 percent in November to 850,000 barrels per day, CNN reported. Iran recently agreed to pull back on its nuclear program in a deal with six other world powers to ease trading sanctions on the country, and the IEA predicts this agreement could have short-term impacts on Iran's oil exports.

Iran said it could ship an estimated 1.1 million barrels of crude per day as well as 300,00 barrels of condensate starting in March 2014, Bloomberg reported. Majedi said within a year of the sanctions being eased, Iran could produce up to 3.5 million barrels of crude per day.

More information on Iranian oil markets can be found on PennEnergy's research area.

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