Iran's gas condensate export soars with huge price drop

Iran's gas condensate export soars with huge price drop

By Dalga Khatinoglu- Trend:

Gas condensate export, which shares about one third of Iran's total crude oil exports, rose after a two-month plunge.

Iran's Custom Administration released a common report on Oct.28, saying that Iran's total non-oil exports reached $26.943 billion. The monthly "detailed report" hasn't been published on custom's official website yet, but the "detailed report" obtained and published on Iran's Donya-e-Eqtesad daily news on Oct.29 indicates that Iran's gas condensate export reached 10.849 million tons during seven months of Iran's fiscal year.

Iran's fiscal year starts on March 21. Iran includes gas condensate (ultra-light crude oil) in non-oil exports basket.

According to latest monthly report published by the Custom Administration about the country's non-oil exports in first half on current fiscal year, Iran exported some 9.223 million tons of gas condensate. Followed by about 1.616 million tons of condensate last month, from Sep.23 to Oct.23.

In the other word, Iran's daily condensate export during last month was 452,000 barrels per day.

Iran's crude oil export, including the gas condensate, was about 2.5 million barrels per day in 2011, but after imposing the western sanctions on Iran's oil export in mid-2012, the figure plunged to 1.07 million barrels per day (mbpd) in 2013, according to the International Energy Agency.

However, Iran's crude export rose again to about 1.2 to 1.25 mbpd in 2014 because of the easing of some western sanctions due to the interim nuclear accord achieved between Iran and P5+1, including the U.S., UK, France, Russia, China plus Germany.

The following figures are extracted from Iranian Custom Administration's monthly reports:

Condensate export

Volume Kilo metric tons

Value

Thousand barrels per day

Oct 23 to Nov 22

1,149

$1.018B

311.34

Nov 23 to Dec 22

1,690

$1.419B

457.94

Dec 23 to Jan 21

3,599

$2.157B

975.21

Jan 22 to Feb 20

1,095

$959M

296.71

Feb 21 to Mar 20

897

$816M

243.06

Mar 21 to Apr 20

846

$779M

229.24

Apr 21 to May21

4,095

$2.251B

1109.61

May 22 to June 21

807

$761M

218.67

June 22 to July 22

1,965

$1.388B

532.45

July 23 to Aug 22

759

$678M

205.66

Aug 23 to Sep 22

726

$657M

196.72

Sep 23 to Oct 23

1,616

$1.027B

452.48

Comparing the volume and value of monthly gas condensate exports indicates that Iran's gas condensate price faced a huge drop in price during the last month.

The average price for a metric ton of Iran's exported condensate for October is $635.52, while this figure for September, August and July are about $904, $849 and $706.

The OPEC oil basket was $82.37 per a barrel on Oct.27, while this figure was $105.44 in late July.

Dalga Khatinoglu is a specialist on Iran's energy sector and head of Trend Agency's Iran News Service

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