Iran’s oil exports to EU stand at 1 mbpd

Business Materials 17 July 2017 14:58
Iran’s oil exports to EU stand at 1 mbpd

Baku, Azerbaijan, July 17

By Fatih Karimov– Trend:

Iran’s crude oil and condensate exports to Europe has reached one million barrels per day.

Iran sells crude oil to European companies within the framework of long-term deals and spot cargo, however the volume of spot cargo is higher, an informed source told Fars news agency July 17.

Iran still faces problems in receiving money of the sold oil due to banking issues, the source said, adding that the central bank officials are seeking to find ways to accelerate money receiving process.

The source said that Iran also faces the same problem in oil export to Asian countries as the banking sanctions still remain in place, the source said.

Iran was exporting 2.5 mb/d of crude oil and gas condensate before the imposed sanctions in 2012, of which 18 percent was supplied to the EU.

After 2012, the EU cut Iran oil purchase and Asian countries had to decrease Iranian oil import gradually, which led to decreasing Iranian oil and gas condensate export to 1.2 mb/d in 2015.

After elimination of sanctions in 2016, based on nuclear agreement, Iran resumed its oil exports.