Iran’s oil export up by 80%

Tue 25 April 2017 17:07 GMT | 21:07 Local Time

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Iran’s crude oil exports from Kharg terminal reached 780 million barrels (2.137 mb/d) during the last fiscal year (ended Mar.20), which indicates an 80-percent increase year-on-year, Gholamhossein Gerami the head of Iranian Oil Terminals Company (IOTC), said Apr.24.

Kharg terminal shares about 95 percent of Iran’s total oil export terminals capacity. During the last fiscal year, Iran exported 230 million barrels of light oil, 480 million barrels of heavy oil.

According to the National Iranian Oil Company's official website, Gerami said that 800 tankers transited oil from Kharg to the international markets during the last fiscal year, compared to 540 oil tankers in the previous year.

According to him, about 206 million barrels (564,000 b/d) of gas condensate was also exported from Asaluyeh terminal. About the all of Iran’s condensate exports are carried out from the Asaluyeh terminal.

Iran announced Apr.24 that it had sold all of its 52 million barrels (142,465 b/d) stored gas condensate stockpile during last fiscal year. The country’s total domestic gas condensate demand was also 160,000 b/d.

Therefore, it seems Iran’s gas condensate output stood at about 582,000 b/d during last fiscal year, or 45,000 b/d more than the previous year.

The country’s oil output also increased to about 3.505 mb/d in 2016, according to OPEC’s statistics. The figure reached 3.79 mb/d in March 2017.

Iran’s oil output decreased from about 3.7 mb/d in 2011 to 2.8 mb/d in 2015 due to sanctions. Its oil and gas export volume was about 1.2 mb/d. Sanctions on Iran was removed in January 2016.

According to Gerami’s statistics, Iran’s total oil and gas condensate export stood at least around 2.7 mb/d during last year, which is 0.2 mb/d more than pre-sanctions level, thanks to selling the gas condensate stockpile.

However, the country’s Oil Minister Bijan Namdar Zanganeh announced on Apr.12 that Iran exported 2.6 mb/d of oil and gas condensate during the last fiscal year and the figure is expected to fall to 2.4 mb/d.

For the current fiscal year, it is expected that Iranian old oil fields, which share 80 percent of the country’s crude oil production, lose 0.3 mb/d of production, but 50,000 b/d more that this volume would be added to production level due to increase of the oil output from new projects in South Pars’ oil layer, Azar field and West Karoon Block.

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