Iran oil sales jump ahead of sanctions relief
Iran’s crude oil exports will rise to a six-month high in December, with international buyers ramping up purchases because sanctions are to be lifted soon, a report says.
The leading OPEC member’s tanker loading schedule shows Iran is poised to ship 1.26 million barrels a day (bpd) of oil this month, the Reuters news agency reported.
Iran’s biggest customer, China, will lift 460,000 bpd of crude and condensate from the country in December, Reuters said. The world’s second consumer of oil bought 486,000 bpd from Iran in November, which marked a three-month high.
India will import 203,000 bpd in the month after buying 139,000 bpd last month. Japan will be lifting 188,000 bpd for December, the highest since April after loading 177,000 bpd in November, Reuters added.
South Korea which only bought 29,000 bpd of condensate in November will ship a total of 189,000 bpd of crude and condensate in December.
According to Reuters, Egypt made a rare purchase of Iranian crude, buying 33,000 bpd in November.
Iran’s oil clients, which also include Turkey, are allowed to lift about 1 million bpd under a preliminary nuclear agreement.
The removal of sanctions will allow Iran to boost exports. On Sunday, Minister of Petroleum Bijan Zangeneh said oil sanctions “will be completely annulled in the next few days".
Zangeneh has said Iran will be able to add 500,000 bdp to its oil exports a day after sanctions are lifted and raise it to one million bpd after six months.
Iran exported 2.3 million-2.5 million bpd of oil before US and European sanctions targeting its energy sector cut the sales by half. Saudi Arabia, Russia and Iraq ramped up production to replace the Iranian oil.
Officials have urged OPEC members to make room for Iranian oil when the country returns to pre-sanction export levels.
There is currently an oil glut in the market because of oversupply by Saudi Arabia and non-OPEC members but Iran says it is determined to redeem its market share regardless of the situation.
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