DUBAI, Nov 26 (Reuters) – Iran's nuclear deal with the West will make it easier, cheaper and less stressful to trade its oil, thanks largely to a partial lifting of the European shipping insurance ban, a senior Iranian industry official said on Tuesday.
Iran and six world powers reached a deal on Sunday to curb Tehran's nuclear program in exchange for limited sanctions relief, including a pledge to allow some Iran oil shipments to be covered by UK-dominated providers of shipping insurance.
U.S. and European Union (EU) sanctions that have slashed Tehran's oil exports from 2.5 million barrels per day (bpd) to around 1 million bpd remain in place and Washington has said that it will not allow exports to rise above current levels.
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