By Dalga Khatinoglu
Iran produced about 3.2 million barrels per day of crude oil and gas condensate in the last fiscal year, covering the period from March 2013 to March 2014.
Iran's Supreme Audit Court released a report Feb. 4, saying that Iran produced 1.029 billion barrels of crude oil in the last fiscal year.
|
Production |
Export |
Consumption (mbpd) |
Export revenues |
|
|
Crude oil |
2.819 mb/d |
945,205 b/d |
1.8 mb/d |
$36.31 bln |
|
Gas condensate |
427,397 b |
178,082 b/d |
161,634 b/d |
$6.732 bln |
About 2 percent (56,380 barrels per day) of crude oil and 20 percent (85,000 barrels per day) was wasted, stored, etc.
There is not any information about Iran's exported crude oil and gas condensate during the current fiscal year, but Iran Custom Administration's monthly report releases only the exported amount of gas condensate, which doesn't necessarily indicate that the exported volume was sold.
Iran stores part of its gas exports in storage facilities in China and sells it gradually.
According to the custom's ports, Iran exported 12.873 million tons of gas condensate (about 268,000 barrels per day) during the last fiscal year (March 21, 2013 to March 21, 2014). The figures released by customs and Supreme Audit Court indicate that during the mentioned time, Iran exported about 89,000 barrels per day of gas condensate more than the amount sold.
There is not any information about the amount of stored Iranian gas condensate abroad.
During the current fiscal year, Iran also exported 16.5 million tons of condensate during the last ten months (March 21 to January 22, 2015) or 452,000 barrels per day, which indicates a 41.35 percent increase year-to-year.
Iran exported condensate value is reported at $12 billion for the first ten months of current fiscal year. However, there is not any official information about oil export data in the Gregorian calendar; and according to the International Monetary Fund's latest report, released last month, it is estimated that Iran exported 1.24 million barrels of crude oil in 2014, an increase of 110,000 barrels per day compared to 2013.
However, Reuters' calculations indicate that Iran exported 1.21 mb/d of crude oil (including gas condensate) to its four major Asian customers (China, India, Japan and South Korea). Turkey is Iran's fifth major oil importer, but there hasn't been any data published about Iran's oil deliveries to Turkey in 2014.
Edited by CN
Dalga Khatinoglu is an expert on Iran's energy sector, head of Trend Agency's Iran news service.
Follow him on @dalgakhatinoglu