Iran’s 2016 oil exports up over 77%: OPEC

July 8, 2017

TEHRAN – Iran’s oil exports in 2016 reached 1.921 million barrels per day (bpd), a 77.6 percent rise compared to 2015, according to OPEC’s latest Annual Statistical Bulletin report.

The country’s crude exports stood at 1.081 million bpd in 2015 which indicates that the 2016 figure is 840,000 bpd more than that of the 2015 average.

In the meantime, Iran boosted exports of oil products by 74.5 percent to 897,900 bpd year on year.

The country sent 514,300 bpd of oil products to its target markets in 2015.

In 2015, Iran exported 1.423 million bpd of oil to its Asian buyers compared to 969,700 bpd in 2015.

Meanwhile, 497,300 barrels of oil was sent to the European markets on a daily basis while the figure was 111,400 bpd in 2015. 

Iran was exempted from OPEC agreement to reduce output by 1.2 million bpd that began this year, as Tehran needs to regain the market share it lost under Western sanctions over its nuclear program.
The country is planning to increase its production to five million bpd by 2021. 

EF/MA

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