Iran's oil exports decrease on monthly basis

Business Materials 23 May 2018 11:30 (UTC +04:00)

Baku, Azerbaijan, May 23

By Umid Niayesh -Trend:

Iran’s oil export amounted to 2.75 million barrels per day (mb/d) on average in the second calendar month (April 21- May 21), National Iranian Oil Company (NIOC) said.

The figure is below the exports in preceding month which hit 2.877 mb/d, a new record in last one year.

The exports in the last calendar month included 2.45 mb/d of crude oil and 300,000 b/d of condensate.

Meanwhile in the preceding month 2.6 mb/d of crude oil and 260,000 b/d of condensate were destined to global markets.

Some one third of Iran’s oil in the one-month period from April 21 to May 21 (800,000 barrels) was sent to European refineries.

China and India were the first and second biggest crude importers from Iran in the period as preceding months.

Total (France), Eni (Italy) and Hellenic Petroleum were 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.