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Oil, Gas Condensate  Exports Estimated at $8b
Energy

Oil, Gas Condensate Exports Estimated at $8b

Revenues generated through sales of oil and gas condensates in the first three months of the current Iranian year (began March 21) are estimated at $8 billion.
The volume of exported oil and gas condensates in this period has increased by 6% in the current year, Mehr News Agency reported.
On average, around 1.8-1.83 million barrels of oil and gas condensates are currently being consumed in domestic refineries to produce other petroleum products. Crude export in the past three months, excluding oil feedstock to domestic refineries, averaged 1.05 mb/d.
Based on the report's calculations, revenues from sales of oil in March-June are estimated at $1.95 billion per month, with total oil exports valued at $5.85 billion. Taking into account export of gas condensates in this period, valued at $2 billion, oil and gas condensate exports generated around $8 billion in revenues.  
In its monthly oil market report published June 10, the Organization of Petroleum Exporting Countries said Iran's oil production in March, April and May stood at 2,779, 2,844 and 2,845 thousand barrels per day respectively, based on secondary sources. The figures, however, were 3,020, 3,110 and 3,090 tb/d based on direct communication.
Having produced 2.84 million barrels of oil per day in May, Iran outpaced UAE to become the third leading producer in OPEC after Saudi Arabia and Iraq. The UAE produced 2.83 million bpd of oil in May. Saudi Arabia and Iraq were leading producers, with 10.10 million and 3.8 million bpd output, respectively.
According to the OPEC report, average price of Iran's heavy oil stood at $56.26 and $61.38 per barrel in April and May, which indicate an increase of $5.12 in May compared with the previous month. In 2015, Iran's heavy oil was priced at $52.98 per barrel on average, which is almost half of 2014, when the average price was at $104.72 per barrel.
Oil and other liquid fuel production averaged 3.4 million barrels per day in May and June, of which 2.9 mb/d were crude oil and the remainder was condensate and natural gas, according to US Energy Information Administration.
The EIA estimates that Iran’s oil and other liquid fuel production averaged almost 3.4 mb/d in 2014, nearly 0.2 million b/d above the 2013 level but the same as the 2012-14 average.  Exports to China and India accounted for almost all of the increase. Iran is producing about 500,000 barrels a day of South Pars condensate, up from the daily 350,000 barrels produced on average last year, according to a Bloomberg report.
Iran has 10 tankers loaded and moored off the port of Asaluyeh, according to shipping data compiled by Bloomberg.  The vessels have a combined capacity of 21 million barrels of condensates, an increase from the 16.8 million barrels of condensates held in ships at the start of May.

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