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Iran’s condensate exports quadrupled in August-March: Minister

Iran’s oil minister says condensate exports from the country rose to 240,000 bpd in March.

Iran’s oil minister Javad Owji says condensate exports from the country rose nearly four-fold over the past eight months.

Speaking to the Iranian radio on Monday, Owji said that exports of condensate, which is a very light form of crude, reached nearly 240,000 barrels per day (bpd) at the end of the calendar year to March 20.

That comes as condensate exports from Iran had been reported at only 60,000 bpd in early August when Owji took office under a new administrative government in Tehran.

Condensates accounted for a significant part of Iranian crude oil exports before the United States imposed its unilateral sanctions on Iran in 2018.

Shipments declined significantly after major customers like South Korea stopped imports from Iran to comply with American sanctions.

That comes as Iran has been facing an increased supply of condensate from its South Pars gas field in the Persian Gulf where natural gas production has more than doubled over the past decade.

Owji did not elaborate on more details about increased condensate shipments from Iran including to where they have been sent.

However, unconfirmed reports have suggested that private buyers in China have imported large cargoes of Iranian crude in late 2021 and early this year.

The minister reiterated his previous statements about Iran’s success to reduce large inventories of crude that has been floating on sea since the sanctions were imposed.

He said condensate supply to domestic customers had increased over the past eight months, allowing a better management of crude storage facilities in south of Iran.

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