Tehran, Iran, Aug. 18
By Mehdi Sepahvand -- Trend:
Based on a report by the Iranian Oil Ministry, the country's export of crude oil and gas condensates has experienced a 14 percent rise since President Hassan Rouhani came to office in mid-2013.
The report covers the period from the beginning of the Rouhani administration to the end of last Iranian fiscal year (March 20), Shana news agency reported August 18.
Crude export used to be carried out through intermediary agents, but during the Rouhani administration it has been focalized at the Oil Ministry.
In another action, the new administration appointed a group of five to make decisions on the sale of oil, further helping organize Iran's oil sales.
The group comprises two former oil ministers and three former directors with knowledge of the banking and oil sectors. They were appointed by top Iranian officials and form a sort of think-tank to make policies about how Iran should sell its oil.
Iran's crude oil and condensate exports averaged 1.4 million b/d in 2014. In 2011, prior to sanctions, Iran exported 2.6 million b/d, most of which went to Asia, particularly China (550,000 b/d), India (320,000 b/d), Japan (315,000 b/d), and South Korea (250,000 b/d).
The EU was the second-largest regional buyer of Iranian oil in 2011, purchasing nearly 600,000 b/d of crude oil and condensate. Turkey (185,000 b/d), South Africa (75,000 b/d), and the United Arab Emirates (95,000 b/d) were also significant buyers.
In 2012, as the United States and the EU imposed sanctions, almost all of Iran's buyers either reduced their purchases or halted them. By 2013, Iran's crude oil and condensate exports dropped to just below 1.3 million b/d, with the main importers being China, India, Japan, South Korea, Turkey, UAE, and Syria. Iran's exports grew by almost 150,000 b/d in 2014, reflecting increased imports by China and India.
Edited by CN