Wednesday, March 07, 2018

Europe Buyer of 40% of Iran’s Oil Exports in February

Europe Buyer of 40% of Iran’s Oil Exports in February
About 40 percent of Iranian oil exports in February was sold to European companies, including the global oil giant Royal Dutch Shell and Italy’s Eni.

During the second month of 2018, the Islamic Republic exported 2.16 million barrels of crude oil and 430,000 barrels of gas condensates per day to foreign countries on average, 40 percent of which was destined for Europe.

On average, about 1.03 million barrels a day of crude oil and gas condensates were exported to European countries in February.

Greece’s Hellenic Petroleum, Royal Dutch Shell, France’s Total, Italy’s ENI and Saras, Spain’s Repsol, and Hungary’s MOL are the biggest customers of Iran’s oil in Europe.

Iran’s oil exports have almost doubled since the implementation in January 2016 of the Joint Comprehensive Plan of Action (JCPOA), a nuclear agreement between Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

Iran sits on the world’s fourth-largest oil and second-largest gas reserves, and is among the world’s top 10 oil and top five natural gas producers.

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