Iran’s oil exports, import increases – OPEC

Business Materials 6 July 2017 12:59

Baku, Azerbaijan, July 6

By Dalga Khatinoglu – Trend:

Iran’s crude oil exports increased by 77.7 percent to over 1.921 million barrels per day (mb/d) in 2016, compared to the previous year, OPEC announced in its annual report.

Iran exported 497,300 b/d to EU compared to 111,400, while exports to Asia increased from 969,700 to 1.423 mb/d.

The country also increased petroleum products (including gas condensate, NGLs and oil products) export by 74.6 percent to 897,900 b/d.

In total, Iran’s oil exports reached 2.819 mb/d in 2016 compared to 1.595 mb/d in 2015. The oil exports revenue also soared from $27.308 billion in 2015 to $41.123 billion.

International sanctions on Iran, including its oil exports, were removed in January 2016 after the country reached an agreement with P+1 Group (US, UK, France, Russia, China + Germany).

OPEC says Iran’s petroleum products import also increased by 17 percent to 61,600 b/d in 2016 year-on-year.

Iran imports gasoline, while exports mostly gas oil and fuel oil as well as a little LPG and kerosene.

The report said Iran’s Refinery throughput capacity increased by 2.2% to 1.857 mb/d, while its oil products demand decreased by 2.9 percent to 1.742 mb/d.

OPEC didn’t elaborate the reason, but it backs to decreasing gas oil and fuel oil demand in the power sector, because Iran increased gas delivery to this sector by 7 percent to about 61 bcm in 2016.

Iran’s crude oil production also increased by 15.9 percent to 3.651 mb/d and its cumulative production level reached above 72.756 billion barrels.

Iran’s GDP at the current market price also increased from $393.436 billion in 2015 to $409.823 billion.

The real GDP growth was 4.5 percent in 2016 compared to 0.9 percent in 2015.

Iran’s total exports reached $ 97.386 billion compared to 76.793 in 2015, while its imports increased from $65.822 billion to $73.300 billion.

Its proven oil reserves decreased by 0.8 percent to 157.2 billion barrels.