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Iran’s oil exports, import increases OPEC

Iran’s oil exports, import increases OPEC

TEHRAN: Iran’s crude oil exports increased by 77.7 percent to over 1.921 million barrels per day (mb/d) in 2016, compared to the previous year, OPEC announced in its annual report. Iran exported 497,300 b/d to EU compared to 111,400, while exports to Asia increased from 969,700 to 1.423 mb/d. The country also increased petroleum products (including gas condensate, NGLs and oil products) export by 74.6 percent to 897,900 b/d. In total, Iran’s oil exports reached 2.819 mb/d in 2016 compared to 1.595 mb/d in 2015. The oil exports revenue also soared from 27.308 billion in 2015 to 41.123 billion. International sanctions on Iran, including its oil exports, were removed in January 2016 after the country reached an agreement with P1 Group (US, UK, France, Russia, #China Germany).

OPEC says Iran’s petroleum products import also increased by 17 percent to 61,600 b/d in 2016 year-on-year. Iran imports gasoline, while exports mostly gas oil and uel oil as well as a little LPG and kerosene. The report said Iran’s Refinery throughput capacity increased by 2.2% to 1.857 mb/d, while its oil products demand decreased by 2.9 percent to 1.742 mb/d. OPEC didn’t elaborate the reason, but it backs to decreasing gas oil and fuel oil demand in the power sector, because #Iran increased gas delivery to this sector by 7 percent to about 61 bcm in 2016. Iran’s crude oil production also increased by 15.9 percent to 3.651 mb/d and its cumulative production level reached above 72.756 billion barrels.

Iran’s GDP at the current market price also increased from 393.436 billion in 2015 to 409.823 billion. The real GDP growth was 4.5 percent in 2016 compared to 0.9 percent in 2015. Iran’s total exports reached 97.386 billion compared to 76.793 in 2015, while its imports increased from 65.822 billion to 73.300 billion. Its proven oil reserves decreased by 0.8 percent to 157.2 billion barrels.