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Iran's crude oil, condensate exports hit 2.5 mb/d

Business Materials 2 October 2016 11:58 (UTC +04:00)

Baku, Azerbaijan, Oct. 2

By Fatih Karimov – Trend:

Iran’s daily oil and condensate exports stood at over 2.5 million barrels during the curent fiscal year(started March 20), Mohsen Ghamsari, director of international affairs at National Iranian Oil Co (NIOC), said.

The Islamic Republic exported 2 million barrels of crude oil, as well as 500,000 barrels of gas condensate per day during the period, Ghamsari said, Mehr news agency reported.

He further said that the average price for crude oil and condensate stood at $40/b during the six-month period.

Under international sanctions, which extended till early 2016, Iran’s oil export dropped from 2.3 to 1 million barrels a day.

Iran’s August crude oil exports jumped 15 percent from July to more than 2 million barrels per day. The volume is close to Tehran's pre-sanctions shipment levels in 2011.

The strong demand in Iran’s crude in Asia and Europe has enabled it to raise its oil output to just over 3.8 million bpd, still below the 4 million bpd level termed by Tehran as a precondition for discussing output limits with other oil producers.

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