A week ago, Europe and the United States lifted economic and financial sanctions related to Iran's nuclear program. It hasn't take Iran long to get its oil on the move.
According to Genscape, a company that tracks oil tankers as they move around the world, the Iranian tanker, Serena recently cast off from the port of Assaluyeh. It had been moored there for more than a year, until being removed from the sanctions list along with hundreds of other vessels.
While the Serena is heading to Asia, Iranian officials said that they were planning to ship at least 1 million barrels of light crude to a Mediterranean port in the European Union around mid-February, in an attempt to win back some of the country's former European customers.
Iran has pledged 500,000 barrels a day of new crude exports in the next few months and 1 million barrels a day within a year.
In December — without the extra supply from Iran — OPEC's produced 32.28 million barrels of crude per day in December, down slightly from November, but still enough to keep the world awash in crude.
In the aftermath of Iran's sanctions being lifted, the price of oil fell to a fresh 12 year low of under $27 US a barrel.
The price has since rebounded to $32 a barrel after a two-day rally.