Iran says nuclear deal makes oil exports smoother, cheaper

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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. "Based on this deal, Iran's crude oil exports will not decline and our customers will be able to purchase oil from Iran without any anxiety and they will not have to look for alternatives," Ali Majedi, deputy minister for international affairs and trading, told oil ministry news service Shana.