Iran’s exports steady as US targets oil revenues
Iran exported 2.25 million barrels per day (bpd) of crude oil to customers in Asia and Europe in September, data released by the Ministry of Petroleum showed on Saturday.
The country also shipped 430,000 bpd of condensate to its clients in Asia where South Korea alone took half of the cargos of the superlight form of crude, it added, Press TV reported.
China and India remained the prime recipients of crude from Iran, lifting more than 1 million bpd combined, despite reports that New Delhi was cutting purchases from the Islamic Republic.
The ministry figures did not give a breakdown of how much oil each country bought from Iran.
India bought an average of 450,000 bpd of Iranian oil between the beginning of 2017 to the end of August. Indian oil imports from Iran hit a record high in July, when the country’s refineries purchased 500,000 barrels a day.
Refineries in India are reported to have been told to cut imports from Iran in possible retaliation for Tehran not awarding a gas field development to Indian companies. However, Saturday figures showed the purchases are rather steady.
The Ministry of Petroleum’s figures for September show Iran is already within the pre-sanction target level.
Iran's light crude rose $2.02 in the week to September 29 to trade at $57 a barrel, state news agency IRNA reported. During the period, Iranian heavy climbed $1.49 to sell at $54.53.
According to Ministry of Petroleum, 60% of Iran’s oil exports go to Asia and the remaining 40% to European countries which resumed purchases from the Islamic Republic about two years ago.
Royal Dutch Shell, France’s Total, Italy’s Eni and Saras, Greece’s Hellenic Petroleum, Spain's Repsol, and Hungary’s MOL are some of Iran’s customers which have lifted about 720,000 bpd of oil since the start of the year.
China is the biggest Iranian oil customer, shipping more than 600,000 bpd since the beginning of the year.
South Korea is the biggest client of Iranian condensate with 300,000 bpd on top of 100,000 bpd of crude oil which it has bought on average from the country since the start of the year.
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