Europe buys 37% of Iran’s exported oil in October

IRNA – Thirty-seven percent of Iran’s exported oil went to Europe in October this year, the country’s Oil Ministry declared on Tuesday.

Iran sold 63 percent of its oil export to the Asian countries with China on top of its customers in the continent.

China is also one of the biggest consumers of the oil in the world. On average, it uses 13 million barrels per day, 9 million barrels of which is the imported oil with a fraction supplied via pipelines.

The European companies bought 37 percent of Iran’s oil export in October. They started buying oil from Iran nearly from two years ago after the implementation of the nuclear deal Iran and the world major powers signed in 2015.

Europe had stopped buying crude oil from iran during the sanction era. The sanctions were lifted after implementation of the deal, known as the Joint Comprehensive Plan of Action (JCPOA).

The British-Dutch oil giant Shell, France’s Total, Italy’s Eni and Saras, Greek’s Hellenic Petroleum, Spain’s Repsol, Hungary’s MOL are among European customers of Iran’s oil.

The figures of October also show that South Korea is still the main destination of Iran’s gas condensates, with half of the product being exported to the east Asian country, and the rest to the Persian Gulf countries.

The average price of Iran’s light and heavy crude oil since the beginning of year 2017 until the end of October, have been respectively $50.26 and $50.2.

Iran’s oil export has hit 2.2 million bpd since JCPOA.

Iran’s heavy crude oil today hit its new high at $60.15 (4.2 percent growth).