Iran to add 500,000 bpd to oil exports
Minister of Petroleum Bijan Zangeneh says Iran will increase crude oil exports by 500,000 barrels per day (bpd) after sanctions are lifted following the Tuesday conclusion of nuclear talks.
“We will add 500,000 bdp to our oil exports after the removal of the sanctions. We will then raise this volume to one million bpd after six months,” he said on Wednesday.
Zangeneh has already called on other producers to make room for Iran’s barrels when production returns to former levels.
“All countries have announced their readiness and interest in cooperation,” the minister said, also confirming that German Economy Minister Sigmar Gabriel will arrive in Tehran on his invitation on Sunday.
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.
On Tuesday, Deputy Petroleum Minister Mohsen Qamsari said Iran will try to regain its share in the European market which accounted for 42-43% of its oil exports before the sanctions were imposed.
“How much of this share in the European oil market is reclaimed depends on our performance but we will try to raise it to the maximum possible level,” he said.
Qamsari, however, stressed that "the Asian market is still Iran’s top priority”. Japan, South Korea, China and India buy about 1 million bpd of oil from Iran under a sanctions relief arrangement with Tehran.
On Wednesday, the Japan Ship Owners' Mutual Protection & Indemnity Association said a ban on shipping insurance that has restricted the transport of Iranian oil, petrochemicals and natural gas products for about three years will be lifted.
Energy news provider Platts quoted a Japan P&C source as saying that the association would be able to issue reinsurance to Japanese shipowners for carrying Iranian oil immediately after the sanctions are lifted.
Japan introduced a supplementary insurance scheme in June 2012 to enable crude imports from Iran in the wake of a ban by the EU on protection and indemnity cover for tankers carrying Iranian oil.
According to Platts, the Japanese government provided up to $7.98 billion of shipping insurance cover for tankers carrying Iranian crude for fiscal 2015-16.
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