OPEC Agreement increases Iran’s petrochemical export value

IRNA – Value of Iran’s petrochemical export in the first three months of the year in comparison with the same period of the preceding year has increased by more than 200 million dollars.

Experts believe that the most important factor is return of price tranquility to oil and petrochemical markets following agreement between member and non-member states of Organization of Petroleum Exporting Countries (OPEC) in Vienna.

According to the report of National Petrochemical Company on Tuesday, relative stability in oil market , around 50 dollars, helped to recovery and increase in revenue and value of exporting petrochemical and polymer products in Iran in the first three months of the year.

Upon statistics issued by planning management of NPC in the first three months of the year 5.101 million tons of petrochemicals valued $2.497 billion have been exported.

Iran had exported 5.1 million tons of petrochemicals in the first three months of last year, but its income was $2.287 billion.

According to the determined planning, petrochemicals production will increase this year to 56 to 58 million tons, which around 23 million tons are allocated for export.

OVer past four years, crude oil price had declining trend or from around $100 per barrel in year 1391 reached to less than 40 dollars in the year 1394, which affect world petrochemicals market as well.

According to the predictions, given to OPEC agreement on managing oil supply, value of petrochemical exporting products find an upward trend initially and then increase.

OPEC states members held their 172 session in Vienna last June and reached consensus to renew agreement on production reduction.

It was due that OPEC reduces its production 1.2 million barrels a day according to its meeting in November 30, 2016 in Vienna.