Iran’s June Oil Exports Steady

Iran’s June Oil Exports SteadyIran’s June Oil Exports Steady

Iran’s crude oil exports were flat in June at just over 2 million barrels per day and production at 3.610 million bpd was steady from the previous month, official data showed on Friday.

Tallies for both exports and production show a rise since January, when Tehran set about recouping market share lost under international sanctions that were mostly lifted at the start of the year, Reuters reported.

OPEC’s third-biggest producer shipped 2.005 million barrels per day in June from 2 million bpd of crude in May, data provided by the Joint Organizations Data Initiative (JODI) showed. Before sanctions were enforced in mid-2012, Iran was exporting about 2.2 million bpd of crude, according to the International Energy Agency.

It shipped 1.9 million bpd in April, 1.710 million bpd in March and 1.685 million bpd in February, according to JODI, which compiles data supplied from oil-producing members of global organizations, including the IEA and the Organization of Petroleum Exporting Countries.

Production in June was steady from 3.6 million bpd in May. It pumped 3.5 million bpd in April, 3.4 million bpd in March and 3.385 million bpd in February, the data showed.

In January, production was 3.370 million bpd, with exports at 1.550 million bpd, the JODI data showed. Iran has been against a global production freeze initiative, insisting it will be ready for joint action only once it regains output levels of 4 million barrels a day seen before sanctions.