Iran increases both petroleum production and export

Iran increases both petroleum production and export

Baku, Azerbaijan, June 20

By Dalga Khatinoglu - Trend:

A statistical and analytical agency within the U.S. Department of Energy says Iran has increased crude oil, gas condensate and oil products export during 2014, compared to the previous year, but the figures are still below the pre-sanctions level.

The U.S. Energy Information Administration released a report on June 19, saying that Iran added 150 thousand barrels per day (kb/d) of crude oil and gas condensate to its exports in 2014, compared to 2013.

The country exported 1.4 million barrels per day (mb/d) of oil and condensate last year, but the figure is 1.2 mb/d less than in 2011, when the western sanctions on Iran were still to be imposed.

According to the report, Iran produced 2.8 mb/d of crude oil (0.1 mb/d more than 2013), as well as about 600 kb/d of non-crude liquids, of which about 75% was condensate and the remainder was natural gas plant liquids (NGLs).

Before sanctions, Iran's total crude oil, condensate and NGLs production was 4.2 mb/d.

A chart in this report shows that Iran's oil production and export increased in Jan-May, but not as much as during the growth rate of 2014.

Iran holds the world's fourth-largest proved crude oil reserves and the world's second-largest natural gas reserves.

Despite the country's abundant reserves, Iran's crude oil production has substantially declined, and natural gas production growth has been slower than expected over the past few years, the U.S. Energy Information Administration (EIA) said.

According to the Oil & Gas Journal, as of January 2015 Iran has an estimated 158 billion barrels of proved crude oil reserves, representing almost 10% of the world's crude.

Approximately 70% of Iran's crude oil reserves are located onshore and the remainder offshore, mostly in the Persian Gulf.

Petroleum product exports

In addition to crude oil and condensate, Iran also exports petroleum products. According to FGE, a global energy consultancy firm, Iran exported almost 300 kb/d of petroleum products in 2014, more than 50 kb/d higher than in 2013 but about 100 kb/d lower than in 2011 because U.S. and EU sanctions affected Iran's ability to sell petroleum products as well. Iran mostly exports fuel oil, LPG, and naphtha to Asian markets.

Total primary energy consumption

Iran consumed almost 244 million tons oil equivalent of primary energy in 2013, EIA estimated.

Natural gas and oil accounted for almost all (98%) of Iran's total primary energy consumption, with marginal contributions from hydropower, coal, nuclear, and non-hydro renewables. Iran's primary energy consumption has grown by almost 50% since 2004, EIA said.

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