Following the lifting of most economic sanctions in January 2016, Iran is now able to increase its oil production and exports to previous levels of 3.8 million b/d and 2.2 million b/d. The National Iranian Oil Company is determined to regain its lost market share, and will target both Asian and European customers. As a result, we do not expect the country to consider freezing production until it reaches full production capacity. Exports levels have increased significantly, but not as fast as many expected. The US primary sanctions, which remain in place, still present a challenge for companies trying to re-engage with Iran. Meanwhile, we believe fears over the country’s floating storage have been overstated.