Iran has become the first crude exporter to France in September, for the first time since the country began to export oil there after the sanctions have been removed on the country.
Iran exported over 200,000 bpd t France
The reports suggest that Iran’s export of oil to France hit just over 200,000 barrels per day in September, putting the country’s crude export ahead of competitors like Nigeria with 185,000 barrels, Russia and Kazakhstan.
Iran had not exported any crude to France until April this year due to the US and EU sanctions on its nuclear program. Iran has increased production by more than 800,000 b/d since sanctions ended, hitting 3.68mn b/d in October.
The country returned to global oil markets at a time when other major producers were locked in a battle for market share and it has made major inroads into French supplies.
According to Argus Media, Saudi Arabian crude cargoes dropped to 80,000 b/d in September, the lowest level for Saudi shipments to France since December 2012.
Total French crude imports in September were just over 1.1mn b/d, down by 10pc compared with September 2015. In the first three quarters of the year, French crude imports were just under 1.1mn b/d, down by 3pc compared with January–September 2015.