Iran's fuel oil export doubled in May

Oil&Gas Materials 25 May 2011 13:51 (UTC +04:00)

Azerbaijan, Baku, 25 May/Trend/

Iran 's fuel oil trade on international markets doubled to 400,000 tons in May, Fars News reported.

Iran 's oil market sold 5 batches of 80,000 tons of export fuel oil in May.

The country exported 2 or 3 batches of 80,000 tons fuel oil in previous months.

Cut in subsidies was predicted to reduce significant energy consumption in the country and boost export opportunities.

Iran 's fuel oil loaded in Mahshar port is generally exported to China and Singapore.

Saudi Arabia also exported 650,000 tons fuel oil in May, while Kuwait has also sold 4 batches of 80,000 tons fuel oil.

Iran ranks third in the world in oil reserves and second in gas reserves. In addition to its non-oil exports, Iran sold some $70 billion worth of crude oil during the past Iranian year (ended March 20, 2011), according to media reports.

According to the International Monetary Fund (IMF), Iran is the third largest country in the Middle East and Central Asia in terms of exports and imports.