Friday, July 27, 2012

Iran Oil Exports Remain at 1 Million bpd

Iran is exporting an average of 1.084 million barrels per day of crude oil in July, little changed from 1.094 million bpd in June. Sales to China accounted for more than half of Iran’s oil exports, after China increased its imports to a record high (Reuters). Last year, Iran exported an average of 2.2 million bpd. 

Meanwhile, South Korea is reportedly ready to resume oil imports form Iran. The country halted shipments earlier this month because of European Union's ban on insuring tankers carrying Iranian crude and might now use Iranian tankers instead. The South Koreans did not disclose details on when the imports may start or the volumes involved. But they have said before that they want to stay within the limits allowed by U.S. sanctions.

Meanwhile, OPEC said today that  its reference crude oil basket rose to $101.47 a barrel on Thursday from $100.21 the previous day (Reuters). The basket includes 12 crudes from member countries, including Iran Heavy.  

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