Iran exports 2.6 mbpd of oil

Business Materials 7 October 2017 14:57 (UTC +04:00)

Baku, Azerbaijan, Oct. 7

By Fatih Karimov – Trend:

Iran’s crude oil and condensate exports amounted for 2.6 million barrels per day (mbpd) in September 2017, the country’s oil ministry said.

Iran exported 2.25 mbpd of crude oil to Asian and European markets in the period.

China and India were main consumers of the Iranian oil wilt over 1 mbpd of purchase, according to the report.

The Islamic Republic also exported 430,000 barrels of condensate to Asian markets during the September on a daily basis.

South Korea was destination for almost half of the Islamic Republic’s exported condensate.

According to a September report by Central Bank of Iran, the country, on average, has sold about 2.6 million barrels of oil and condensate on a daily basis since March.

China, India, South Korea and Japan are among Iran’s long-standing customers and account for 60 percent of Iran’s oil exports.

The report suggested that Iran exports about 40 percent of its oil to European countries.

Giants like Shell, Total, Eni and Saras are among Iran’s major European customers.

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 mbpd in 2015.

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