ISSN 2330-717X

Iran’s Oil Exports To Europe Ramping Up

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By Aygun Badalova

Iran’s oil export to Europe in April amounted to around 500,000 barrels per day (bpd), including 100,000 bpd to Turkey and 50,000 bpd for Syria, International Oil Daily (IOD) reported with reference to shipping data.

By far the biggest individual lifter was France’s Total, which accounted for some 230,000 bpd.

Spain’s Cepsa, Italy’s Iplom and Greek duo Hellenic Petroleum and Motor Oil Hellas were the other buyers.

Through the contracts it has signed with France’s Total and Spain’s Sepsa, Iran expects to be exporting 250,000 to 300,000 bpd of crude to Europe in the near future.

Iran’s crude output stood at 4.2 million bpd before the sanctions, some 2.3 million bpd of which used to be exported. Under the sanctions the output fell to 3.3 million bpd while the exports dropped to 1 million bpd.

Since the sanctions were lifted in January, Iran has increased the crude export to 1.7 million bpd aiming to redeem its previous place in the world market.

Earlier director of international affairs at National Iranian Oil Co (NIOC) Mohsen Ghamsari said Iran has increased oil exports by 900,000 bpd since January after the removal of international sanctions against Tehran.

Iran’s oil output has reached 3.8 million barrels per day, of that figure almost 1.8 mbpd is supplied to the domestic refineries, according to Ghamsari. Iran plans to increase its daily output to four million barrels until March 2017.

Trend News Agency

Trend News Agency

Founded in 1995 as a private media outlet in Azerbaijan, Trend News Agency is a leading news provider in the Caucasus, Caspian and Central Asian region. Trend has established the Trend Expert Council, bringing together about 40 well-known independent experts from the region and the West.

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