Iran’s crude oil, gas condensate exports hit $41.6b: oil minister

TEHRAN – Iran exported $41.6 billion worth of crude oil and gas condensate in the past Iranian calendar year, which ended on March 20, Oil Minister Bijan Namdar Zanganeh said on Wednesday.

 

Iran’s crude oil was sold at $104 per barrel on the average in the international market, the Mehr News Agency reported.

On March 12, Zanganeh said Iran’s crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day in the current Iranian calendar year 1393, which began on March 21.

The country is currently exporting about 1.2 million barrels per day and has earmarked 1.5 million barrels of daily sales in the national budget for the year 1393, which includes 300,000 barrels of condensates.

Iran’s crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on limiting Tehran’s nuclear program.

The International Energy Agency’s monthly report revised February’s global crude imports from Iran upwards by 240,000 bpd to 1.65 million barrels per day, the highest since June 2012.

Under an interim deal signed in November between Iran and six world powers – known as the P5+1 – that came into effect on January 20, Iran’s exports are supposed to be held to an average 1 million bpd through July 20.

China accounted for 168,000 bpd of the rise in imports in February, India for 93,000 bpd and South Korea for 83,000 bpd.

On the other hand, Japanese imports of Iranian oil were revised lower by 103,000 bpd, according to the IEA.

“Imports of Iranian oil are running well above 2013 levels for the third consecutive month,” the report said.