Iran has sold all the oil it had stored for years at sea and Tehran is now struggling to keep exports growing as it grapples with production constraints, shipping and oil sources say.

The rise in value of Iran’s heavy oil has demonstrated a new record high for the second consecutive week as it was traded at over $53 per barrel.

Iran will be decreasing oil exports to 2.4 million barrels per day in the current fiscal year.

Iran says its total exports of crude oil and condensate have surpassed 3 million barrels per day (mb/d) – a level not seen for at least the past six years.