Iran oil exports surpass 2 million bpd

Iran has sharply raised oil exports since the lifting of sanctions in January, with the sales of crude and condensate standing over 2 million barrels per day, Minister of Petroleum Bijan Zangeneh says.

“Iran’s exports of oil and gas condensate are now at more than 2 million barrels per day,” the minister told the Shana news agency in Tehran on Sunday.

Condensate is a light oil that is typically produced in association with natural gas.

Senior nuclear negotiator Abbas Araqchi earlier said Iran had raised its crude oil exports to 1.7 million barrels per day (bpd), but it faced challenges for returning to pre-sanctions levels when the country sold 2.5 million barrels.

“Our customers have gone and concluded deals with other countries. We have to find new clients and nobody can expect us to return to former export rates overnight,” he said on Saturday night.

Araqchi predicted Iran’s oil exports to hit 2.5 million bpd within a year.

The Islamic Republic exported about 1 million bpd of oil under sanctions. Since the lifting of those restrictions, the country has been ramping up production in a bid to regain its market share.

SS