Iran's oil sale to Europe reaches 600,000 barrels per day

Baku. 14 May. REPORT.AZ/ Deputy oil minister announced that Iran’s crude oil and condensate sales to Europe have reached 600,000 barrels per day (b/d), Report informs referring to the TASS.

Roknodin Javadi described the latest status of oil exports to Eastern Europe amrkets, saying “Iran’s main strategy for crude sales during the post-sanction era is to ink deals with the ultimate customer of the product.

Managing director of National Iranian Oil Company (NIOC) said consumers who possess refineries are high on Iran’s list of priorities; “accordingly, NIOC seeks to avoid signing contracts with brokers, intermediaries and distributors of oil.”

The official pointed to Iran’s concentration on several markets noting “so far, the signed contracts with Lukoil of Russia, Spain’s Cepsa, Saras SpA of Italy as well as Greece’s Hellenic Petroleum have become implemented and executive while various other agreements will be sealed in near future.

Javadi also confirmed the launch of oil sale talks with British Petroleum (BP) recalling “final negotiations with Eni of Italy have been held and the oil export deal with the Italian company will soon become operational.”

Deputy oil minister stressed that about 30 to 35 per cent of Iran’s crude sales are currently deployed to European markets adding “in other words, oil export volume is expected to reach 600 thousand barrels per day in coming days.”

“At the present time, an average of two million crude oil barrels and 500 thousand barrels of gas condensate are being shipped to Asian and European states,” underlined NOIC managing director maintaining “Asia marks the main destination for the Iranian product followed by Europe which marks the second largest market for the country’s crude during the post sanction period.”