Implementation of Geneva deal to facilitate Iran's oil exports

Photo: Implementation of Geneva deal to facilitate Iran's oil exports / Iran

Baku, Azerbaijan, Jan. 12

By Rahim Zamanov - Trend:

The implementation of the Geneva nuclear deal will pave the way for an increase in Iran's oil exports, Seyyed Mohsen Ghamsar, and official with the National Iranian Oil Company (NIOC), said on January 12, the IRIB News Agency reported.

"All customers of Iran's oil are waiting for the deal to come into force," Ghamsari said.

"Iran exported around 1.2 million barrels of gas condensates per day in the previous year," he said, adding that the figure has reached to 1.4 million barrels in the current year.

Reuters last month quoted an Iranian oil official as saying that the country exported 600,000 barrels of oil per month (21.3 million liters per day) in the first three quarters of the current year.

Former Dputy Oil Minister Alireza Zeyqami also said on May 4 that Iran daily exports 20 million tons of various oil products.

Iran's exports of crude oil and lease condensate in 2012 have dropped to their lowest level since 1986 as the United States and the European Union tightened sanctions targeting Iran's oil sector, according to the U.S Energy Information Administration report released in April 2013.

Iran's 2012 net estimated oil export revenue at $69 billion was significantly lower than $95 billion generated in 2011, according to this report.

Zanganeh's $34 bln figure shows that the country's oil revenues plunged against the 2012 figure and would decline further if the current rate of income continues.

Oil exports make up 80 percent of Iran's total export earnings and 50 percent to 60 percent of its government revenue, according to the Economist Intelligence Unit.

After achieving a nuclear deal between Iran and the P5+1 on November 24, 2013, the West promised to unblock a part of Iran's inaccessible assets outside the country.

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