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Iran’s crude oil exports to India increase

Iran says its exports of crude oil to India have increased by 16 percent over the past month in what the country says is a fresh sign that speculations over the decline of exports to one of its largest Asian buyers are inaccurate.

Iran’s crude oil exports to India increase
(Tuesday, August 29, 2017) 10:49

Figures released by the ministry of petroleum show that Iran’s oil exports in July stood at an average of 502,000 barrels per day (bpd). This was higher than June by 83,000 bpd.

The ministry in a statement added that Iran’s oil exports to India in 2015 and 2016 respectively stood at an average of 189,000 bpd and 451,000 bpd – what it said indicated a steady increase.

Exports over the past nine months since the start of 2017 also stood at an average of 438,000 bpd, promising a collective increase over 2016 once more exports are made over the months to the end of the year.

Iran’s ministry of petroleum further emphasized that the number of refineries that were importing oil from Iran had increased from three to seven which included major buyers Reliance and Essar. 

Overall, Iran’s exports in July increased by 45,000 bpd compared to June to reach as high as 2.2 million bpd.   

Exports to Asia were higher over the period and reached as high as 1.4 million bpd, showing an increase of around 100,000 bpd.

Iran’s total oil production currently stands at around 4 million bpd and its most important clients are China, South Korea, India and Japan, respectively.

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