TEHRAN: Iran’s export of crude oil and gas condensates rose to over 3 million barrels per day last Iranian month (end March 20). The export of crude and gas condensates hit 3.050 million barrels per day in February 20-March 20, 2017 marking a new record high level. Of the overall amount exported, crude enjoyed a share of 2.265 million barrels per day while the remaining amount was related to gas condensates.
The Asian countries like China, India, Japan and South Korea as well as European countries like Britain, the Netherlands, France, Greece and Italy are major customers of Iranian oil. Customers of Iranian crude oil have become diversified following implementation of the Joint Comprehensive Plan of Action (JCPOA) and Iran’s oil is now being exported to different destinations without any limitations. Presently, over one third of Iran’s exported oil which equals 700 thousand barrels per day is shipped to European companies. Iranian gas condensate, previously stored on water due to sanction-related difficulties, is now being sold thanks to implementation of the JCPOA.
Iran intends to deploy new types of gas condensate to various countries. Given the excess of demand in the market, gas condensate has gained a higher value compared to crude oil and is sold at higher prices. Iran is now selling over three million barrels of oil and gas condensate per day while during sanction year, the country was forced to export a daily maximum of one million barrels of crude to only five countries of China, India, Korea, Japan and Turkey.
