Iran’s Oil Exports at 1.1-1.2 Million BPD - IEA

International Energy Agency (IEA) reported today that Iran’s oil export in March was at 1.29 million barrels a day, including condensates, and it estimated that the April exports will be at 1.11 million bpd. (Dow Jones Business News/Nasdaq.com, 15 May)

The report came amid concerns among some Western countries that JPOA, the interim agreement between Iran and world powers on their nuclear impasse, might have relaxed the sanctions regime, raising Iran’s crude exports well beyond JPOA’s cap of 1 million bpd, which does not include condensates. In February, in fact the exports rose to a 20-month high at 1.58 bpd. But the figures for March and April show the numbers are back to their pre-JPOA levels.

Earlier today, Iranian Oil Minister Bijan Zanganeh had said Iran’s oil exports would be averaging 1.5 million bpd. The IAE’s estimates put it at 1.1-1.2 million bpd range.

File photo: Iran’s oil export terminal in Kharq Island (Getty Images)

Iran’s Oil Production Declines to 2.63 Million bpd

Oil Exports Hits New Low of 860,000 bpd

Iran’s oil production has fallen to its lowest since the end of Iran-Iraq war in 1988. The International Energy Agency (IEA) reported today that the Iranian supply fell by 220,000 barrels per day (bpd) in September to 2.63 million bpd. The decline is much steeper than previously expected and is due to mounting Western sanctions.

Meanwhile, Iranian exports slipped to 860,0000 bpd in September, the IEA reported. This is a new low. Iran exported 2.2 million bpd at the end of 2011.

“Whereas many expected the sanctions to lose some bite in September as Iranian exporters and some of their clients were reportedly seeking ways to get around insurance constraints, in fact compliance appears to have tightened," the IEA said. (Reuters, 12 October)

File Photo: IRNA

Iran Oil Exports Fall in April

The International Energy Agency (IEA) reported today that Iran’s crude oil exports fell again in April and could be down by as much as one million barrels a day this quarter as many countries reduce imports ahead of sanctions that come into effect on 1 July [Wall Street Journal, 11 May].

Iran's oil production remained steady at 3.3 million barrels a day in April, but 15% to 25% of that oil wasn't sold and had to be pumped into floating tanker storage, the IEA said. The process can continue for couple of more months before the storage capacities are reached and some oil fields are shut down.

Preliminary trade figures show Iran’s crude exports fell by 600,000 barrels a day to 1.6 million barrels a day in April. IEA said a top official at Iran’s oil ministry declined to comment on the latest data.