Official: Iran’s crude exports to remain unchanged in 2012

Iran Materials 24 January 2012 14:46 (UTC +04:00)

Azerbaijan, Baku, Jan. 24 / Trend F.Milad/

The director for international affairs at the National Iranian Oil Company (NIOC) has announced that the volume of Iran's crude exports will remain unchanged in 2012.

Mohsen Qamsari told the Mehr news agency that Iran's crude is in high demand and that the NIOC has adopted policies to easily replace customers to circumvent global sanctions.

A number of European companies have announced a readiness to buy Iranian oil in advance, Mr Qamsari said earlier this month said, adding that Iran is by no means planning to rebate their Asian and European customers.

Iran pumped 3.58 million barrels a day of crude last month according to Bloomberg estimates. The Persian Gulf nation has threatened to block the Strait of Hormuz in response to U.S. and European sanctions aimed at reducing Iranian oil revenues. The waterway carries 17 million barrels of crude a day, according to the U.S. Energy Department, almost 20 per cent of global consumption.

The European Union tightened the sanctions ring around Iran by imposing new round of penalties during the EU foreign ministers meeting in Brussels on Monday.