2015 Oil Export Contracts Signed

2015 Oil Export  Contracts Signed
2015 Oil Export  Contracts Signed

Iran has concluded its crude oil sale contracts for 2015, said a senior oil official, Shana news agency reported.

Part of the agreements for 2015 was signed with Iran's traditional oil customers, Seyed Mohsen Ghamsari director of international affairs at the National Iranian Oil Company (NIOC) said.

The remaining part will be finalized in April 2015, due to a difference in fiscal years.

The price of Iranian oil for January is yet to be determined, as it the oil market over the coming days is a determining factor, the official said.

"The international oil market has become very unpredictable, but the overall tendency of prices is of the descending order."

China, India, South Korea, Turkey, and Japan are Iran's long-established oil customers, which were allowed to resume their crude purchases under an interim deal reached between Iran and the P5+1 (a group of world powers including the US, Russia, China, UK and France, plus Germany) last November, extended until June next year. "They will purchase Iranian crude much the same as previous years," Ghamsari said.

The deputy minister noted that supply of some oil products has fallen as a victim of the recent drop in oil prices; notwithstanding, a seasonal rise in consumption over the cold period is expected, which might also boost the waning market.

The US imposed tough sanctions on Iran to curb the country's nuclear program which it claims is geared to military use. Iran insists it is peaceful. Iran and world powers were unable to reach a "comprehensive deal" by a November 24 deadline and extended the talks for seven more months.