Iran’s crude oil export surpasses 2mbpd

Business Materials 4 May 2016 20:22

Baku, Azerbaijan, May 4

By Fatih Karimov - Trend:

Iran's daily oil export has surpassed two million barrels per day (mbpd), Mohsen Ghamsari, director of international affairs at National Iranian Oil Co (NIOC), said.

Iran has increased oil exports by 900,000 barrels per day since January after the removal of international sanctions against Tehran, Ghamsari said, the state-run Iran newspaper reported May 4.

He further said that the Islamic Republic will continue efforts to increase the exports till fully materializing oil output and export plans.

Iran's oil output has reached 3.8 million barrels per day, of that figure almost 1.8 mbpd is supplied to the domestic refineries, he added.

Meanwhile an oil ministry official speaking anonymously told Iran newspaper May 4 that Iran mainly sells its oil to European consumers on a spot basis at the moment, which may be a threat in the future if the nuclear deal implementation faces problems.

On the other hand, spot trade can be considered as an opportunity, because if oil price increases in the future, Iran will be able to sale its crude at new price, the source said.

Iran and the P5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 reached the lasting agreement on Iran's disputed nuclear program and started implementing it on January 16.

Before the sanctions were lifted, Iran said it had made the necessary preparations to boost its oil production capacity to pre-sanctions levels.

The country has doubled its oil exports since the nuclear deal came into force last January.

Iran plans to increase its daily output to four million barrels till March 2017.