Trade Costs Declining After Sanctions Relief

Financial Tribune- The achievements of Iran's nuclear deal must not be undermined, as the cost of foreign trade for the country is declining among other things, the governor of the Central Bank of Iran said.

"Under the sanctions, the costs of doing trade [with other countries] had risen by at least 15%, which will reduce with the new openings," Valiollah Seif was also quoted as saying by the official news website of CBI.

Seif added that the country's oil exports doubled in the wake of sanctions relief.

Iran’s crude production has returned to levels last seen before sanctions were imposed over its nuclear program, as the nation raised output to regain market share, the International Energy Agency said.

Output reached 3.56 million barrels a day in April 2016, the highest since November 2011, and exports soared to 2 million barrels a day, just shy of the level before the trade restrictions. China was the biggest buyer of Iranian crude last month, taking more than 800,000 barrels a day.