Iran output rebounds after seven-month fall: IEA

On the up and up: Production increasing while global economy leaves demand faltering: IEA

Iranian oil output has rebounded after seven months of decline, with sales also back on the rise thanks to new deals with China and South Korea, according to the International Energy Agency.

The Paris-based energy policy organisation said that Iran produced 2.7 million barrels per day in October, up around 70,000 on September.

Exports jumped to 1.3 million barrels per day from 1.0 million in September and in August.

"China and South Korea appear to account for the lion's share of the increase in Iranian imports," the agency said in its monthly report.

Sanctions imposed on Iran by the West in the dispute over the country’s nuclear programme have seen Iranian oil exports more than halved compared to last year, undermining its budget and leading to a spike in inflation and a sharp…

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