Iran’s crude oil export registers decrease

Business Materials 2 July 2018 11:28 (UTC +04:00)

Baku, Azerbaijan, July 2


Iran’s oil export amounted to 2.61 million barrels per day (mb/d) on average in June 2018, the country's oil ministry said.

The exports in the last month included 2.28 mb/d of crude oil and 330,000 b/d of condensate.

The ministry report unveils that the country’s crude oil export has witnessed a fall compared to May (2.4 mb/d). However the condensate exports registered a 30,000 b/d increase compared to May 2018.

Earlier Iran said that oil 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.

Iran’s average daily oil export in the current fiscal year, started March 2018 stood at 2.115 million barrels.

Iran’s oil was sold at $66/barrel averagely during the current fiscal year.

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.