Iran Oil Exports Hit Six-Month High in December - Global Trade Magazine
  January 7th, 2016 | Written by

Iran Oil Exports Hit Six-Month High in December

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  • Buyers ramped up purchases of Iranian crude in expectation that sanctions against Iran will be lifted soon.
  • Egypt has made a rare purchase of Iranian crude, lifting 33,000 bpd in November.
  • The Iranian Oil Minister said the country would increase crude oil production by 500,000 bpd when sanctions are lifted.

Iran exported an estimated 1.26 million barrels a day (bpd) of crude oil in December, a six-month high. This comes as some sanctions imposed an Iran are expected to be lifted early this year.

The spike comes as buyers ramp up purchases in expectation that sanctions against the country will be lifted soon, according to a Reuters report.

China, Iran’s biggest crude customer, about 460,000 bpd of crude and condensate from the country in December.

Among Iran’s other biggest customers, India loaded 203,000 bpd in December, Japan bought 188,000 bpd the same month, the highest since April, and South Korea bought 189,000 bpd of crude and condensate in December, after buying none in November.

The source also said that Egypt has made a rare purchase of Iranian crude, lifting 33,000 bpd in November.

Iranian Oil Minister Bijan Namdar Zanganeh earlier indicated the country would increase crude oil production by 500,000 bpd as soon as sanctions are lifted.

Sanctions will be lifted as a result of the nuclear deal Tehran reached with the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14.

Experts believe that Iran’s economic growth would rise remarkably after the final nuclear deal takes effect.