Report: Iran Finalizes New Major Oil Sell

Iran's objectives of making up for lost oil sales due to an economic embargo is showing signs of progress.

According to a Bloomberg report, Iran's state controlled oil company called National Iranian Oil Co reached an agreement to sell South Pars condensate to BP plc (ADR) BP. Loading will take place between September and October and the agreement could be seen as the country's re-emergence as a top supplier of crude oil and natural gas liquids.

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Prior to the economic sanctions, Iran's oil output peeked at just above four million barrels a day. Now that it's free of most sanctions, the country is also looking to restore its refining and petrochemical business to improve the quality of fuel it sells on the domestic market and no longer become reliant on oil imports.

Bloomberg also noted that Iran is working with oil traders at Trafigura to sell it Heavy crude oil which may then be resold to China-based independent processors. In addition, Royal Dutch Shell plc (ADR) (NYSE: RDS-A) shipped a cargo of Iran's crude oil to Europe back in July.

France-based Total SA (ADR) TOT was the first major global oil firm to conduct business with Iran for its oil back in February of this year.