Iran unveils oil export details for March

Business Materials 16 April 2018 12:30 (UTC +04:00)

Baku, Azerbaijan, April 16

By Gazenfer Hamidov – Trend:

Iran averagely exported 2.5 million barrels per day (mb/d) of oil to Asian and European countries during the March of 2018, the country’s oil ministry said April 16.

The exports included 2.1 mb/d of crude oil and 400,000 barrels per day of condensates according to the ministry's report.

China and India were the biggest crude oil importers from Iran, with an average 1 million barrels per day of crude oil purchase from the country.

Iran is expected to increase the figure to 1.3 million barrels per day in April, the ministry said.

Total (France), Hellenic Petroleum (Greece), Shell (British–Dutch), Eni and Saras (Italy) were among Iran’s major European customers in March.

South Korea was the first destination for Iran’s condensate exports. The country exported 200,000 barrels per day of the ultra light oil to the Asian country.

Iran has decreased condensate exports to South Korea to meet its domestic demand, in particular the gas condensate feed stock for Persian Gulf Star Refinery in the southern province of Hormozgan.

Iran averagely exported 2.6 mb/d of oil to Asian and European countries during the last fiscal year, ended March 20.

The exports included 2.115 mb/d of crude oil and 428,000 barrels per day of condensates during the one-year period.

Over 60 percent of Iran’s crude oil and condensate exports were ‎shipped to Asian refineries.

Iran was exporting 2.5 mb/d of crude oil and gas condensate before it got hit with 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 export of Iranian oil and gas condensate to 1.2 mb/d in 2015.

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