Iran’s oil export hits new record high

Business Materials 1 May 2018 18:56 (UTC +04:00)

Baku, Azerbaijan, May 1

By Umid Niayesh - Trend:

Iran exported 2.877 million barrels of oil per day (mb/d) on average to Asian and European countries in April, which is a new record in last one year.

The exports included 2.617 mb/d of crude oil and 260,000 b/d of condensate during the last month, the oil ministry’s official SHANA news agency reported.

Over 60 percent of Iran’s crude oil and condensate exports were ‎shipped to Asian refineries in April 2018. China and India were the first and second biggest crude importers from Iran in the period as the Islamic Republic exported 1.4 mb/d of crude to these countries last month.

The share of the European countries in Iran’s oil exports was about 40 percent.

Total (France), Tubrash (Turkey), Eni and Saras (Italy), British-Dutch Shell and Hellenic Petroleum are among Iran’s major European customers, according to the report.

Before it got hit with sanctions in 2012, Iran was exporting 2.5 mb/d of crude oil and gas condensate, 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 a drop in 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.

The former post-sanctions record high belongs to February 2017, when Iran exported 3 mb/d of oil and condensate to global markets.