Tehran, Iran, August 13
By Mehdi Sepahvand – Trend:
Iran’s oil export to India increased as the country exported 502,000 bbl to its South Asian partner in July, the Oil Ministry reported August 13.
The news comes despite international reports that India had decreased its oil import from Iran.
July’s 502,000 bbl showed an increase of 83,000 bbl compared to June, the ministry said, adding Iran’s oil export to India has been on rise since 2015.
In 2015, Iran exported an average of 189,000 bbl/d of petroleum to India. This jumped to 461,000 bbl/d in 2016.
OPEC reported last week that Iran’s oil output has surpassed 3.8 million barrels per day (mb/d) for the second consecutive month since June.
Iran has been allowed to increase its production by 90,000 b/d, compared to October 2016, to about 3.79 mb/d in 2017, based on OPEC’s January oil cut deal.
Iran’s crude oil price witnessed an increase by about $2 per barrel in the global markets during the week that ended Aug 4.
Iran produced 1,902,654 billion rials worth of oil and gas during last fiscal year, the Statistics Center of Iran reported Aug. 11.
Taking account of the average official USD rate in Iran during last fiscal year (ended on March 20) of about 31,139 rials/USD, the value of produced oil and gas stood at $60.6 billion.