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Iran predicts less oil export than before sanctions

6 April 2017 11:42 (UTC+04:00)
Iran predicts less oil export than before sanctions

By Dalga Khatinoglu

While Iran’s oil and gas condensate export reached 3.05 million barrels per day (mb/d) in the 12th month of the last Iranian fiscal year (Feb.22 to Mar.21), the country eyes the the export volume for the current fiscal year to be at 2.4 mb/d in average.

This would be less than 2.5 mb/d of pre-sanctions level.

Iran was exporting 2.2 mb/d of crude oil as well as 300,000 b/d of gas condensate in 2011, but after the sanctions, Iran’s total oil and gas export decreased to 1.2 mb/d.

After the removal of sanctions in January 2016, Iran increased the oil export gradually, up to about 3 mb/d in March, thanking to selling tens of million barrels of stored oil on water, according the Oil Ministry’s announcement.

Iran's Oil Minister Bijan Namdar Zanganeh said on Apr.5 that for the current fiscal year, started on March 21, Iran plans to export 2.4 m/b of crude oil and gas condensate together, IRNA reported.

It seems, a part of Iran’s oil export growth during last months has relied on selling the stored oil and gas condensate on tankers.

Previously, the head of National Iranian Oil Company Ali Kardor said that Iran had about 75 million barrels (mb)of oil and gas condensate storage on water in Persian Gulf, but currently the volume has reached 25 mb and it is expected the volume will reach zero by May.

But, Iran’s Oil Ministry announced Apr.2 that the all of stored oil and gas condensate has been sold.

Currently Iran produces 3.8 mb/d of crude oil, of which about 1.7 mb/d is supplied to refineries and the remained volume is exported.

Iran also produces 560,000 b/d of gas condensate, of which 160,000 b/d is used in petrochemical plants and the rest of volume is exported.

Iran plans to increase gas condensate output volume during current year, but it is also preparing to commence the first phase of Persian Gulf Star Refinery, aimed to convert 120,000 b/d of gas condensate to gasoline and diesel in mid-fiscal year.


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