Export of iranian oil raised by 77% in 2016

10.07.2017 - 15:07 #Iran, #Export, #Crude Oil, #OPEC
It's over 1.921 million barrels per day

Iran’s crude oil exports increased by 77.7 percent to over 1.921 million barrels per day (mb/d) in 2016, compared to the previous year, OPEC announced in its annual report.

Iran exported 497,300 b/d to EU compared to 111,400 in 2016, while exports to Asia increased from 969,700 to 1.423 mb/d, Reuters reported.

The country also increased petroleum products (including gas condensate, NGLs and oil products) export by 74.6 percent to 897,900 b/d.

In total, Iran’s oil exports reached 2.819 mb/d in 2016 compared to 1.595 mb/d in 2015. The oil exports revenue also soared from $27.308 billion in 2015 to $41.123 billion.

OPEC says Iran’s petroleum products import also increased by 17 percent to 61,600 b/d in 2016 year-on-year.

Iran imports gasoline, while exports mostly gas oil and fuel oil as well as a little LPG and kerosene.

The report said Iran’s Refinery throughput capacity increased by 2.2% to 1.857 mb/d, while its oil products demand decreased by 2.9 percent to 1.742 mb/d.

OPEC didn’t elaborate the reason, but it backs to decreasing gas oil and fuel oil demand in the power sector, because Iran increased gas delivery to this sector by 7 percent to about 61 bcm in 2016.

Iran’s crude oil production also increased by 15.9 percent to 3.651 mb/d and its cumulative production level reached above 72.756 billion barrels.

Iran’s GDP at the current market price also increased from $393.436 billion in 2015 to $409.823 billion.

The real GDP growth was 4.5 percent in 2016 compared to 0.9 percent in 2015.

Iran’s total exports reached $97.38 billion compared to $76.79 billion in 2015, while its imports increased from $65.82 billion to $73.30 billion.

Iran's oil reserves decreased by 0.8 percent to 157.2 billion barrels.

Source: albawaba.com

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