Iran's Daily Oil and Petroleum Product Sales Reach 2.5 Million Barrels

The average daily sales of crude oil and gas condensates from Iran since the beginning of this year until mid-October have reached approximately two million and five hundred thousand barrels. Of this, the share of crude oil from total exports has averaged about two million barrels per day. According to the report by Mehr News Agency, based on statistics from the National Iranian Oil Company, the revenue from the export of crude oil and gas condensates in the first 200 days of this year (from the beginning of the year until the end of October 14) amounted to 19 billion and 104 million dollars. According to this report, since the beginning of this year, the average selling price of each barrel of crude oil (including light and heavy exported crude oils) has reached about 38 dollars, which, considering the daily export of two million barrels of crude oil, has resulted in a total of 15 billion and 124 million dollars in revenue from crude oil exports flowing into the government treasury during this period. Additionally, during the mentioned period, from the daily export of 500 thousand barrels of gas condensates and considering the average selling price of each barrel of gas condensates at 40 dollars, Iran has sold less than four billion dollars in gas condensates in the global market. Mehr News Agency, in another part of its report, compared the revenue from oil and gas condensate sales in the first 200 days of this year with the same period last year and concluded that despite an increase of one million barrels in the export of crude oil and gas condensates in the first 200 days of this year compared to the same period last year, the revenue from oil and gas condensate sales has remained stable. This report attributed the stability of these revenues in the similar 200-day periods of this year and last year to the decline in oil prices this year. Last year, Iran exported an average of about one million and 550 thousand barrels of crude oil and 300 thousand barrels of gas condensates at prices exceeding 50 dollars. Accordingly, in the same period last year (the first 200 days of the year 1394), the total revenue from the sale of crude oil and gas condensates in Iran, considering the value of each exported barrel of oil at 50 dollars, reached about 18 billion and 407 million dollars, which in comparison with the daily sales volume of oil and gas condensates from the beginning of this year until now, the country's oil revenue has increased by about 700 million dollars. In other words, although since the beginning of Farvardin this year, the export of crude oil and gas condensates from Iran has increased by about one million barrels, due to the free fall of global oil prices, the country's oil revenue has only increased by about 700 million dollars compared to last year. However, since the beginning of this year, Iran has exported an average of 400 thousand barrels of petroleum products including fuel oil, liquefied gas, and diesel to regional and global markets, and the increase in petroleum product exports has so far compensated for part of the decline in the country's crude oil revenue. The Central Bank of Iran also recently published a report on the government's financial situation in the first four months of the year, emphasizing that in the first four months of this year, revenues from the sale of oil and petroleum products experienced a 25 percent decline compared to the same period last year, dropping from the equivalent of 14 trillion tomans last year to 10.5 trillion tomans in the first four months of 1395. Iran's oil production, which was over three million barrels per day before sanctions, decreased to one million barrels per day after the intensification of Western and international sanctions, but with the change of government in Iran and the implementation of the JCPOA, Iran's oil production has gradually increased. According to reports from international organizations, Iran's average oil production in 2015 was about two million and 800 thousand barrels per day, which increased to about three million and 600 thousand barrels per day in 2016. Recently, Ali Kardar, the CEO of the National Iranian Oil Company, announced that according to the "policies" of the Supreme Leader, Iran's oil production should reach five million and 700 thousand barrels per day. Bijan Namdar Zangeneh, the oil minister of Hassan Rouhani's government, has emphasized from the first day of taking office on increasing Iran's oil production and exports and reclaiming Iran's market share that was lost due to sanctions.