Baku, Azerbaijan, Sept. 25
By Umid Niayesh - Trend:
Iran is fully prepared to increase its crude oil export by 500,000 barrels per day, once sanctions are lifted, Mohsen Ghamsari, executive director for international affairs at the National Iranian Oil Company (NIOC) said.
The global oil market can easily absorb Iran's surplus output, Ghamsari said, the oil ministry's official SHANA news agency reported Sept. 25.
In the past three years, other crude oils replaced Iran's crude in the market, Ghamsari said, adding Iran's former customers have expressed readiness to buy oil from Iran once sanctions are removed.
Iran's current oil production stands at about 2.7 million barrels per day.
There are three main sanctions on the Iranian oil sector that the country expects to be removed, including the transfer of petrodollars, providing oil tankers, and insuring the tankers.
The sanctions are to be removed following a deal between Tehran and world powers that was made on July 14.
Iran is planning to increase its oil export from one million barrels a day to 1.5 million in the course of seven days once the sanctions are lifted. After that, the country will increase its export to two million barrels per day during the course of a six-month program.
Ghamsari further commented on reports about an increase of Iran's crude exports to Japan. "The amount of Iran's oil export to Japan has not witnessed any significant change."
Only several consignments of condensates have been exported to Japan in past few months, Ghamsari stressed.
It should be noted that Iran counts condensate export- an ultra-light oil extracted along with natural gas- within non-oil exports.
Japan's Ministry of Economy, Trade and Industry announced in April that Tokyo imported 26 percent more oil from Iran in 2015.
Edited by CN
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