81184
No Hassle in Oil Payments
No Hassle in Oil Payments

Iran Faces No Hassle in Oil Payments

Iran Faces No Hassle in Oil Payments

Iran is being paid for its crude oil exports without any problem, the deputy oil minister for international affairs said, adding that the country's crude revenues verged on $50 billion in the last fiscal year.
“We sold €40 billion ($49.8 billion) worth of oil in the last fiscal year [ended March 2017] and received all its dues,” Amirhossein Zamaninia was also quoted as saying by ILNA on Wednesday.
Zamaninia added, “We have no problem in payments for exports to European and Asian customers, including India. There have been some issues with China and South Korea who pay in their own currencies and Iran has to pay an additional charge to convert the payments to euro.”
Iran made $95 billion and $69 billion from crude exports in 2011 and 2012 respectively, according to the US Energy Information Association, before sanctions took a toll on its crude market share.
Turkey, Italy, Britain, Hungary and the Netherlands are among chief European clients of Iranian crude.
Until two years ago, Iran was shut out of the European energy market and its oil trade was limited to a handful of Asian buyers that took in just 1 million barrels a day under temporary waivers.
But the lifting of sanctions in January 2016 helped Iran resume oil sales to major customers in Europe.
Crude prices crashed from over $100 a barrel in mid-2014 to less than $30 a barrel in early 2016, prompting OPEC and non-OPEC producers to form an alliance to cut back on output.
Oil prices have been supported by the extension of a supply cut pact between OPEC and some non-OPEC producers from March up to the end of 2018.

--- Oil Production
According to Zamaninia, Iran’s daily export of oil and condensate, a type of ultra light crude, stands at 2.6 million barrels.
Oil Minister Bijan Namdar Zanganeh said last week talks are underway with international companies over a string of oil projects that could lift oil output capacity by 1.7 million bpd, Shana reported.
Iran is pumping around 3.8 million bpd of crude oil and condensate. It can raise output capacity to 5.5 million bpd, or about 1 million bpd above the current production level of Iraq, the second largest OPEC producer ahead of Iran.
The initial target is to lift crude production to 4.5 million bpd.
"Iran's upstream oil projects need $130 billion in investment," the minister said, adding that his ministry aims to pool resources from foreign investors and the National Development Fund of Iran.

Short URL : https://goo.gl/wExqUa
  1. https://goo.gl/vmmzHH
  • https://goo.gl/uPu9rf
  • https://goo.gl/9tT1F1
  • https://goo.gl/25zXa8
  • https://goo.gl/DWbLBX

You can also read ...

Shipments in the first two weeks of the month were 4.05 million bpd, the highest since November 2016.
Iraq exported oil at the fastest pace since late 2016 during...
Iran's June Onshore Oil Stocks Up 3.2m Barrels
Iran’s onshore oil stocks rose 3.2 million barrels in June...
Investment in new conventional capacity is set to plunge in 2018 to about one-third of the total.
As the world’s energy sector moves toward greater...
Oil Prices Fall on Rise in US Stocks
Oil prices fell on Wednesday after news of a rise in US crude...
India Faces Iran Dilemma
The US embargo on Iran's oil shipments has put Indian Prime...
Power Supply to Iraq Cut  Over Rising Domestic Demand
Energy Minister Reza Ardakanian said on Tuesday Iran has cut...
Petrochem Company Indigenizes Equipment
In spite of international restrictions on accessing cutting-...
Gas Consumption Rising
Iran’s daily gas consumption hit 521 million cubic meters on...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus