Baku, Azerbaijan, June 2
Trend:
Iran’s oil export amounted to 2.7 million barrels per day (mb/d) on average in May 2018, the oil ministry said June 2.
The exports in the last month included 2.4 mb/d of crude oil and 300,000 b/d of condensate.
According to the report, export in May was higher than the average due to overhaul operations in the domestic refineries. With the return of refineries to the production circuit, the amount of the crude oil exports will witness decrease.
Iran’s gas condensate export also is predicted to fall to 200,000 barrels per day after launching the third phase of the Persian Gulf Star refinery.
Currently Iran’s domestic condensate demand stands at 350,000 barrels per day. Persian Gulf Star refinery and Nouri (Borzoyeh) petrochemical plant are the top condensate consumers in the country.
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 country’s crude oil export stood at 2.115 million barrels per day in last fiscal year, ended March 20, 2018.