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Iran still has condensate stored on ships

Business Materials 16 October 2016 12:26 (UTC +04:00)

Baku, Azerbaijan, Oct. 16

By Fatih Karimov – Trend

Currently, Iran has no crude oil stored on ships, Mohsen Ghamsari, director for international affairs at the National Iranian Oil Company said.

Iran was earlier storing gas condensate on about 20 tankers at sea, Ghamsari said, Mehr news agency reported Oct. 16.

He further said that the condensate storage volume has significantly decreased, as the international demand for Iran’s gas condensate (ultra light oil) is beyond the output at the moment.

Ghamsari added that the Islamic Republic’s condensate export currently stands at above 600,000 barrels per say.

Iran was storing 40-50 million barrels of gas condensate on supertankers at sea before the removal of international sanctions last January.

Under international sanctions, Iran’s oil export dropped from 2.3 to 1 million barrels a day.

Iran’s August crude oil exports jumped 15 percent from July to more than 2 million barrels per day. The volume is close to Tehran's pre-sanctions shipment levels in 2011.

The strong demand in Iran’s crude in Asia and Europe has enabled it to raise its oil output to just over 3.8 million bpd, still below the 4 million bpd level termed by Tehran as a precondition for discussing output limits with other oil producers.

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