Iranian deputy oil minister: Global demand for Iran’s crude oil to reach 2.5 mbpd

Oil&Gas Materials 1 December 2013 16:16 (UTC +04:00)

Baku, Azerbaijan, Dec.1

By Fatih Karimov - Trend:

Global demand for Iran's crude oil to reach 2.5 million barrels per day next year, IRNA quoted Iranian deputy oil minister Mansour Mo'azzami as saying on December 1.

Next year, global demand for crude oil will increase by 1.1 mbpd, while OPEC is projected to boost output by 1.8mbpd, he added.

According to projections, demands for OPEC crude oil will be about 29 mbpd, while the organization's current output is 30 mbpd, he explained.

Iran's crude oil exports have decreased from 2.2 mbpd in 2011 to less than 1 mbpd currently. According to the statistics of the Iran's Customs Administration, the country's condensates exports have plunged significantly as well.

Iran's Oil Minister Bijan Namdar Zanganeh said on October 27 that the country's crude oil incomes will reach $54.5 billion annually if the US-led sanctions over Iran's oil export are eliminated. While the oil price stands at about $107 per barrel, the targeted oil export income figure equals to the value of selling 1.4 mbpd.

Iranian Press TV quoted Zanganeh as saying On October 27, that when the sanctions are removed, Iran's oil export revenues will hit $54.5 billion per year, of which $14 billion will be allocated to filling the country's annual budgetary gaps.

Iran's current year's budget has been set based on revenues from 1.3 mbpd crude oil exports ($95 per barrel).

While the average price of oil stood at about $107 per barrel during the current solar year, Iran's declined oil exports to about one mbpd, partly will be compensated, but Iran's economy extremely hungry for more oil exports.