Iran mobilises tanker shipping network to tackle unsold oil glut

[LONDON] Iran is quietly mobilising more ships to store and transport oil, aiming to keep its fields working and mitigate losses of several billion dollars a month from sanctions which remain in place for at least another six months, trade sources familiar with the matter say.

While a deal to curb Teheran's nuclear programme was reached on Sunday with six world powers in exchange for limited sanctions relief in other areas, oil market officials say Iran will not be able to ramp up exports quickly.

"Even if they relax these regulations, it is not going to result in a massive increase in Iran's oil exports. It is a short-term alleviation and it is no more than that," said Mehdi Varzi, a former official at the state-run National Iranian Oil Co.