Iran’s Oil Exports to Europe, China Grow in August

Iran’s oil and condensate exports to Europe rose in August, with demand from Italy, France, the Netherlands and Greece all up, a report said.

Iranian oil flows to Europe rebounded sharply last month, with 835,742 b/d sailing to the region, a rise of almost 200,000 b/d month on month, Platts reported.

Turkey also remains the region’s largest buyer of Iranian crude, with 256,258 b/d exported last month.

Exports to Iran’s largest customer, China, were up slightly to 693,419 b/d in August from 638,322 b/d, the highest volume Iran has exported to China this year, according to the report.

Meanwhile, the Islamic Republic’s overall exports to Asia fell to 1.46 million b/d in August from 1.55 million b/d in July, with demand from key customer India down sharply.

Japan’s imports from Iran also continued their downward trend, falling by 43,162 b/d on the month.

Earlier, CEO of the National Iranian Oil Company (NIOC) Ali Kardor said Iran will reach an oil production rate of 4.5 million barrels per day (bpd) within five years.

(Source: Tasnim, under Creative Commons licence)

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