Publishe Date: 2:03 PM - 7/16/2014 | Print

No major drop in Iran oil exports

Economy - The total level of Iranˈs oil exports to China and India has been normal in recent months with no major decline since May, said a senior Petroleum Ministry official.

Mohsen Qamsari, director for international affairs of National Iranian Oil Company (NIOC), said that exports to destinations in China and India are conducted according to the contracts signed with the countries.

He said any drop in the course of the exports is natural which is compensated shortly afterwards, SHANA reported on Wednesday.

The International Energy Agency (IEA) reported a drop in the total oil exports by Tehran in its monthly report which said Iranˈs exports slipped 36% to fall to 510,000 b/d.

China and India are two major customers of Iranˈs crude oil and have long-term contracts with Tehran that are extended every year.

China, Tehranˈs largest oil client, has since late 2013 been stepping up purchases from Iran.

Chinaˈs Iranian crude oil imports expanded 36 percent in May, or 757,900 bpd, from a year ago to the second highest on record, customs data showed last week.

Qamsari said Chinaˈs imports are currently higher than the agreed level which, China says, it will be reduced to reach the contract level.

 

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