Iran has a whopping jump in its oil exports to Asia and its supplies to the world’s largest consumption zone are now much closer to pre-sanctions levels, reported iranian NIOC on October 30, 2016.
Iran’s Ministry of Petroleum in an announcement said exports of crude oil to Asian clients for August stood at around 1.7 million barrels per day (mb/d). The figure showed an increase of 92% year-on-year, the Ministry said. It added that Asian countries currently comprise 63 % of Iran’s oil export destinations.
Earlier, Reuters quoted market data as showing that Iran’s oil sales to Asian clients for July stood at an average of 1.6 mb/d, adding that the figure showed an increase of above 60% compared to the same period last year.
China imported 0.56 mb/d which was the largest volume of imports among the four Asian clients of Iran’s oil.
Iran’s Petroleum Minister Bijan Zanganeh said in mid-October 2016 that Iran’s oil production had already reached close to pre-sanctions levels.
Zanganeh emphasized that the country is currently producing about four million barrels of oil per day.
The sanctions barred foreign investments in the Iranian oil industry and also limited a low ceiling of 1 million bpd on the country’s oil exports among a series of other economic restrictions.