...

Iran: No oil barrels stored offshore

Business Materials 5 May 2016 16:20 (UTC +04:00)

Baku, Azerbaijan, May 5

By Khalid Kazimov - Trend:

Managing Director of the National Iranian Oil Company Rokneddin Javadi has denied that the country has a part of its oil stored offshore in tankers.

Rokneddin Javadi has said that the country will not produce oil if there are not enough customers to sell its crude to, Fars news agency reported.

According to the official, there are several European customers buying Iran's crude, and the number of Asian customers of Iran's oil is more than those from Europe.

He further added that an African customer also purchases Iran's oil.

In a January report Energy Information Agency suggested that Iran has a considerable amount of oil stored offshore in tankers (between 30 and 50 million barrels), most of which is condensate, and crude oil stored at onshore facilities.

According to Javadi, Iran currently produces 3.7 million barrels of oil per day (mb/d) and exports 2.1 mb/d.

Javadi further said that the volume of the country's condensate exports has surpassed 400,000 barrels per day.

By holding 157.8 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest reserves of crude oil. The Islamic Republic also holds 34 trillion cubic meters of proven gas reserves, sharing 18.2 percent of total global gas reserves.

Latest

Latest