Iran's condensate export's details since 2011

Iran's condensate export's details since 2011

By Dalga Khatinoglu/

Iran's monthly condensate exports after the nuclear interim accord achieved on November 24 increased by 281 percent compared to previous months of the country's fiscal year.

According to a report released by Iran Custom Administration on Feb.25, Iran exported 11.886 million tons of condensate during the first 11 months of the current fiscal year which began March 20, of which 7.453 million tons was exported between November 20, 2013 to February 19, 2014.

Iran's monthly condensate export:

March,20, 2013 to November 19, 2013

November 20, 2013 to February 19, 2014

11 months of current fiscal year

Y/Y change

Thousand tons

663.26 t/m

1863.25 t/m

1080 t/m

29.3 percent

Barrels per day*

192,800 bbl/d

521,918 bbl/d

302,000 bbl/d

29.3 percent

Value

$3.926 bn

$5.553 bn

$9.479 bn

11.6 percent

* density of the condensate: 0.75 t/m3, 1 bbl. of condensate ≈ 0.119 t

According to the U.S. Energy Information Administration's report published in March 2013, Iran's condensate production totalled approximately 650,000 barrels per day in 2011, of which 440,000 bbl. /d was marketed and 210,000 bbl. /d was mixed in with the crude oil.

Iran's total condensate exports during the first 11 months of the current fiscal year even surpassed the country's condensate exports during the 12 months of pre-sanctions years.

In total, Iran exported 11.378 million tons (262,000 barrels per day) of condensate two years ago from March 2011 to March 2012, which decreased to 9.63 million tons, 221,171 barrels per day in the last fiscal year.

According to the Custom Administration report, gas condensate export value shares were 25.37 percent of Iran's total non-oil exports during the first 11 months of the current fiscal year. Iran categorises condensate as a non-oil export item.

Based on the latest report published by the International Energy Agency (IEA), Iran's oil exports increased by 250,000 barrels per day in January compared to the country's average monthly exports in 2013.

Iran's monthly oil exports gradually increased in the past four months, reaching 1.32 million barrels per day, including gas condensates in January.

Iran's average oil exports were 1.07 million barrels per day in the previous year.

Gas condensates are a kind of light and expensive crude oil extracted from gas fields.

Dalga Khatinoglu is Trend Persian Service head

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