Iran's oil sales rise as sanctions remove

Iran's oil exports have picked up in January for the third consecutive month, according to sources who track tanker movements. The increase in shipments is around 50,000 barrels per day (bpd), according to one tracker company, which would take Iranian exports to around 1.2 million bpd for January and add about $150 million a month to Tehran's oil revenues, Reuters reported. The rise is unlikely to be a direct consequence of the easing of sanctions, which only took effect on Monday, and shippers say they are still waiting to finalize the paperwork now insurance restrictions on vessels carrying Iranian crude have been eased. But the interim deal, which was agreed back in November in return for curbs on Iran's nuclear program, has improved sentiment and reduced risk for buyers, giving Iranian exports a boost in the months since. On January 20, Iran and the six powers started the implementation of the historic nuclear deal which the two sides struck in the Swiss city of Geneva on November 24, 2013. After endorsing the agreement with the world powers, Iranian Foreign Minister Mohammad Javad Zarif underlined that the six world powers have recognized Iran’s enrichment program. As part of the deal, in exchange for Iran’s confidence-building bid to limit certain aspects of its nuclear activities, the six world powers agreed to lift some of the existing sanctions against Tehran.