Iran’s Oil Exports to Europe, China Grow in August: Report

News ID: 1516425 Service: Economy
صادرات نفت سکوی خارک پالایشگاه نفتکش

TEHRAN (Tasnim) – Iran’s oil and condensate exports to Europe rose in August, with demand from Italy, France, the Netherlands and Greece all up, a report said.

Iranian oil flows to Europe rebounded sharply last month, with 835,742 b/d sailing to the region, a rise of almost 200,000 b/d month on month, Platts reported.

Turkey also remains the region's largest buyer of Iranian crude, with 256,258 b/d exported last month.

Exports to Iran's largest customer, China, were up slightly to 693,419 b/d in August from 638,322 b/d, the highest volume Iran has exported to China this year, according to the report.

Meanwhile, the Islamic Republic’s overall exports to Asia fell to 1.46 million b/d in August from 1.55 million b/d in July, with demand from key customer India down sharply.

Japan’s imports from Iran also continued their downward trend, falling by 43,162 b/d on the month.

Earlier, CEO of the National Iranian Oil Company (NIOC) Ali Kardor said Iran will reach an oil production rate of 4.5 million barrels per day (bpd) within five years.

Iranian gas production will reach 1.3 billion cubic meters per day and production of gas condensate will reach 864,000 bpd in the next five years, he said. 

He added that the boost in oil production will come from an increase of 420,000 bpd from the West Karoun oil field and an additional 280,000 bps from oil fields in central and southern Iran as well as the Falat Ghare oil company.

Oil exports are expected to reach up to 2.5 million bpd within five years, the Iranian oil official added.

The increase in gas production is expected to come from South Pars, the world’s largest gas field, according to Kardor.

Iran has been producing around 3.8 million bpd of oil in recent months.

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