24-04-2018

Iran’s crude and condensate exports currently stand at 2.5ml bpd

A fall in Iran’s March crude and condensate exports was temporary and they currently stand at 2.5 million barrels per day, state TV on Monday reported Oil Minister Bijan Zanganeh as saying.

“The decline in March was a temporary issue. It has increased now and currently all together we export 2.5 million barrels of oil and gas condensates,” Zanganeh told state TV.

March liftings from Iran, the third-biggest producer among the Organization of the Petroleum Exporting Countries (OPEC), were down 26 percent year on year.

Iran has been working hard to regain market share after Western sanctions over its disputed nuclear program were lifted in 2016 under a nuclear deal between the country and six major powers.

But U.S. President Donald Trump has warned the European signatories of the accord to fix “the disastrous flaws” in the pact or face a U.S. exit.
On May 12, Trump will decide whether to restore U.S. economic sanctions on Tehran, which would be a severe blow to the pact.

“We have to wait for Trump’s decision. But Iran will use all its capacity and experience to protect the country against the consequences of Trump’s decision,” Zanganeh said.

Source: Reuters

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