Iran’s overall oil income grows amid condensate export fall
Baku, Azerbaijan, Sept. 12
By Umid Niayesh - Trend:
The Iranian administration has earned 419.6 trillion rials in incomes through sell of crude oil, oil products and gas condensate during the first four months of the current fiscal year, started March 20 (Each USD makes 42,000 rials).
The figure is 60.7 percent less compared to the 4-month period of the preceding year, according to Iran’s central bank.
The figure indicates that the earned revenues for the sell of crude oil, oil products and gas condensate is 22 percent more than the predicted revenues in the budget for the period (343.2 trillion rials).
Meanwhile the Iranian government’s revenues through export of oil products and gas condensate was 34.1 trillion rials, registering a fall by 38.4 percent year-on-year.
The government’s incomes from sale of crude oil was 348.9 trillion rials in the 4-month period (March 20-July 22), 84.2 percent more year-on-year (the predicted revenues based on budget were 325.9 trillion rials).
Iranian media outlets reported that the increase in oil prices was one of the main drivers of the growth in the country’s oil revenues.
The country exported 2.3 million barrels of crude oil and gas condensate per day during the first four months of the current Iranian fiscal year.
Iran was exporting 2.5 mb/d of crude oil and gas condensate before sanctions were imposed 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 a decrease in Iranian oil and gas condensate export 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 the last fiscal year.
The Iranian government’s overall oil revenues witnessed an increase by 24.4 percent during the last fiscal year to 919.2 trillion rials. The figure included 56.7 trillion rials in incomes through export of oil products and gas condensate as well as 689 trillion rials of revenues through sale of crude oil.
The Islamic Republic’s incomes through export of crude oil, condensates, natural gas, natural gas liquids-NGL, and petroleum products registered a 18 percent increase during the same span of time and amounted to $65.818 billion.
The CBI data indicates that Iran has also supplied 23.2 trillion rials worth of condensate to domestic refineries in the first four months of the current fiscal year, which is 2,220 percent more year-on-year.
Iran says has decreased condensate exports to meet its domestic demand, in particular the gas condensate feed stock for Persian Gulf Star Refinery in the southern province of Hormozgan.
The gasoline production capacity of the refinery reached 26 million liters per day, after its second phase became operational in late June 2018. The third and final phase of the project is expected to come on stream by the end of the current Iranian year (March 2019).
Iran’s gas condensate export also is predicted to fall to 200,000 barrels per day after launching the third phase of the refinery.