Iranian crude exports to the EU and Turkey have been averaging less than 300,000 b/d over the past two months, according to trading and shipping sources, underlining the challenge Tehran faces in recapturing market share in Europe lost due to sanctions (PIW Mar.28’16). There are still only a handful of European companies buying Iranian barrels, with just two-France’s Total and Turkish refiner Tupras-handling over three-quarters of the total volume, the sources say. Total, which signed a term contract in late January to lift up to 160,000 b/d of Iranian crude, chartered three ships in March to carry almost 600,000 tons, equivalent to around 140,000 b/d, shipping data show.
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