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Iran has customer for all its oil output

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Staff Writer | September 13, 2016
Deputy Petroleum Minister Ali Kardor said that there are customers for all Iran's oil output.
Iran oil
Energy   Iran has signed contracts with foreign customers
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Speaking exclusively with IRNA, Kardor said that Iran exports oil equivalent to the extra amount of oil needed by the country's refineries.

Iran has signed contracts with foreign customers even more than its production capacity, the official said.

On Iran's negative response to increase light crude exports to Japan, he said that the current increase in the country's production is much related to West Karoon oil fields which produce heavy crude.

Asked whether Iran has any extra oil to buy to new customers in the short-term, he said that Iran has only condensates for further exports.

Following the lifting of Western sanctions on Iran last year, Iran immediately increased its production and exports capacity and tried to regain its lost markets.

Iran's production capacity increased to 3.85 million bpd last month from 2.80 million bpd during sanctions times.

The country's exports capacity also increased from 1 million bpd during sanctions times to 2.1 million bpd last month.

Further increases are also expected in Iran's exports capacity in the next few months.

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