Iran signed oil deal with Greece

The National Iranian Oil Company (NIOC) and Greece’s Hellenic Petroleum S.A. have signed an agreement to resume oil sales to Greece, finalizing a deal for up to 60,000 barrels per day of Iranian crude oil to Greece.

That volume could increase to 150,000 bpd eventually. The first shipment is scheduled to arrive in Greece by the end of March. Between 2010 and 2012, Greece paid out up to $6 billion for Iranian oil. Sanctions put an end to that, but Hellenic Petroleum apparently still owes Iran $755 million from that period.