The record was gained amid US President Donald Trump’s threats to pull out of the deal that was struck between Tehran and the P5+1 group of countries to curb parts of Iran’s nuclear activities in exchange for eased sanctions on the OPEC member’s vital economic sectors.

The National Iranian Oil Company (NIOC) exported an average of 2.877 million barrels per day of crude oil and gas condensate during the month to Asian and European markets which was an unprecedented figure since implementation of the JCPOA.

Iran’s traditional oil customers, China, India, South Korea and Japan, bought over 60% of its petroleum cargoes during the month.

China and India alone imported roughly 1.4 mbd from Iran during the month.

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China and India are the largest buyers of Iranian crude, with more than one million barrels in total.

The figure is expected to reach nearly 1.3 million barrels per day in April, while China and India will maintain their position as the first and second largest oil importers of Iranian crude.

Dutch-British Shell, France Total, Italian ENI and Saras Companies, Greek Hellenic Petroleum and Spain Repsol and Hungary MOL are among Iranian oil customers in Europe.

According to the Oil Ministry’s report, Iran has also exported 400,000 barrels per day of condensates during the March with South Korea was the biggest customer with purchasing half of the amount.

South Korea has requested for more gas condensate from Iran, however, due to increased domestic consumption and its allocation to Persian Gulf Star Oil Co., there is no possibility of realizing South Korea’s demands for it. South Korea now receives about 200,000 barrels of gas condensate per day from Iran.

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Iran sells crude oil to European companies within the framework of long-term deals and spot cargo, however the volume of spot cargo is higher, an informed source told Fars News Agency.

Iran still encounters problems in receiving payments due to banking issues, the source said, adding that central bank officials are seeking ways to expedite the process.

The source said that Iran also faces the same problem in oil export to Asian countries as banking sanctions still remain in place, the source said.

Iran was exporting 2.5 mbd of crude oil and gas condensate prior to the sanctions which were imposed in 2012, of which 18 percent was supplied to the EU.

After 2012, the EU cut Iran oil purchase while Asian countries had to decrease Iranian oil import gradually, which led to a decline in Iranian oil and gas condensate exports to 1.2 mbd in 2015.

After the removal of sanctions in 2016, based on nuclear agreement, Iran resumed its oil exports.

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Majid Najarian, deputy project director for development of South Azadegan oilfield, said 565 million dollars were invested over three years to increase output of North Azadegan to 35 thousand barrels per day while, for the South Azadegan case, crude production soared to 40 thousand bpd in less than five months and by spending one fifth of the designated budget.

Azadegan oil field in south west of Iran is located about 80 Km. west of Ahwaz
and straddles the Iran-Iraq border.

Over the past months, about 19 new wells have been drilled in the joint field, said the official, nearly a quarter of the yielded oil is directed to the northern cluster while the remaining thirty thousand barrels are transferred to refineries through a 32-inche pipeline.

Najarian said all measures, including pipeline installation, well drilling and establishment of wellhead equipment, are successfully accomplished adding “presently, a three-hour shut down of the factory is required its new control program to come on stream.”

He emphasized that output of South Azadegan will climb to 160 thousand barrels by the end of the current Iranian calendar year (began March 21) asserting “a total of 12 more wells are scheduled to be drilled in the coming two or three months in a bid to lift production level by 25 thousand barrels.”

“Also in the southern part of the field, 13 wells will come on stream yielding 28 thousand barrels per day,” he continued.

The official said a skid mount project will also add 50 thousand barrels to South Azadegan’s daily crude production.

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The increase in volumes since international sanctions against Tehran were lifted in January 2016 has made Iran the second-largest oil supplier to South Korea after Saudi Arabia, in the first quarter of 2017, reported Reuters quoting preliminary customs data on Saturday.

Iran was fifth-largest in the first quarter of 2016, behind Saudi Arabia, Iraq, Kuwait and Qatar, according to data from Korea National Oil Corp. (KNOC).

The official KNOC data ranked Iran as second-largest for the first two months of the year. KNOC figures for March and the quarter are due out in one week.

In March, the customs data showed South Korea imported 2.26 million tons of Iranian crude, or 534,368 barrels per day (bpd), up 118.8 percent from 1.03 million tons a year ago, reaching a record. That was up 38.3 percent from 1.63 million tons in February.

The world’s fifth-largest crude importer and one of Tehran’s biggest customers shipped in 5.68 million tons of Iranian crude in the first three months of 2017, or 463,234 bpd, up 92.4 percent from the 2.96 million tons imported during the same period a year ago.

Meanwhile, oil shipments from Saudi Arabia to South Kore, rose 10.9 percent to 3.52 million tons, or 831,413 bpd, in March on year. That was down 2.6 percent from 3.61 million tons a month ago as the world’s top oil exporter complies with the OPEC deal to cut supplies.

Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC members reached an agreement to curb output last year by almost 1.8 mbd in the first half of 2017. Iran was exempted from the deal.

South Korea’s crude oil imports from Saudi Arabia fell 10 percent to 10.44 million tons in the first quarter of this year, or 850,614 bpd, from 11.61 million tons in the previous quarter, but that was 5.7 percent higher on year.

Overall, Asia’s fourth-largest economy brought in 12.68 million tons of crude oil in March this year, or nearly 3 mbd — up 10.1 percent from 11.52 million tons a year ago — according to the data.

For the first quarter of 2017, South Korea imported 36.94 million tons of crude, or 3.01 mbd, up 4.6 percent from 35.32 million tons a year earlier.

Final data for the country’s March crude oil imports will be released by state-run KNOC later this month.

Iran’s Oil Ministry said early this month that the country’s total exports of crude oil and condensates had exceeded three million barrels per day — a level not seen for at least the past six years.

Oil Minister Bijan Namdar Zanganeh said, “The pace of growth in Iran’s crude oil production and exports has amazed international observers who did not think Iran could raise its production by one million barrels per day within three to four months after the removal of sanctions.”

According to the ministry, almost a third of Iran’s oil exports, or over 700,000 bpd, is currently destined for Europe. The country exported around 600,000 bpd of oil to Europe during pre-sanctions years.

A top oil official said last December that Iran had started exports of condensate to Europe by sending a maiden cargo of one million barrels to certain EU clients.

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Saudi Arabia and Iraq continue to be ahead of Iran, which was sixth biggest supplier of crude oil to India in 2015-16, PTI reported on Wednesday.

It has overtaken Venezuela, Nigeria and UAE to become India’s third largest supplier in April-December period of 2016-17.

Iran sold 19.8 million tons of crude oil to India in the nine-month period, officials said. This behind Saudi Arabia’s 30.3 million tons and 29.1 million tons sourced from Iraq.

In full 2015-16 fiscal, Iran had supplied 12.7 million tons of crude oil to India. That year Saudi Arabia had sold 40.4 million tons of oil to India with Iraq chipping in 26.8 million tons. Venezuela supplied 23.6 million tons, Nigeria 23.4 million tons and the UAE 15.7 million tons.

Iran was India’s second biggest supplier of crude oil after Saudi Arabia till 2010-11 but western sanctions over its nuclear program relegated it to the 7th spot in subsequent years.

In 2013-14 and 2014-15, India bought 11 million tons and 10.95 million tons respectively from Iran, officials said.

Easing of western sanctions a year ago has led to Indian refiners raising their purchase from Iran.

During April-December 2016-17, Venezuela supplied 17.5 million tons of oil, the UAE 13 million tons and Nigeria 12.8 million tons.

Kuwait, which was third largest supplier in 2013-14 has steadily slipped, supplying just 7.6 million tons in first nine months of 2016-17 fiscal.

Iran in 2008-09 sold 21.81 million tons oil to India, which came down marginally to 21.19 million tons in the following year. It fell to 18.49 million tons in 2010-11 and to 17.44 million tons in 2011-12.

After the imposed sanctions, India brought down the purchases to 13.14 million tons in 2012-13 and had limited them in the years thereafter.

Officials said India imported 161.7 million tons of crude oil in the April-December period this fiscal, 64.2 percent of which came from the Middle-East region.

India spent $50.62 billion on crude oil imports during the nine months.

January 2017  imports up

Meanwhile, shipping data showed on Wednesday that India’s Iran oil imports rose marginally in January compared to the previous month.

In January, Iranian oil imports more than trebled compared with the same month last year, rising to 554,600 barrels per day (bpd), according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts.

Indian refiners including Reliance Industries Ltd, operator of the world’s biggest refinery complex at Jamnagar, that had stopped imports from Iran during the sanctions period, have also returned as buyers of Iranian oil.

During January India’s oil imports from Brazil surged to its highest level since April 2015, while imports from Venezuela plunged, almost matching the supplies received in August 2016.

Nigerian oil supplies, hit by militant attack on the African nation’s major Trans Forcados Pipeline, to India fell by 54 percent last month from a year ago.

That forced key Indian clients of Nigeria, mostly state-run companies, to turn to Angola. Imports from Angola rose nearly 70 percent.

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New Managing Director of the National Iranian Tanker Company (NITC) Sirous Kianersi described latest status of oil displacement agreements between NITC and huge European oil companies saying “so far, 35 contracts have been inked with European sides for taking out leases on 35 Iranian tankers.”

The official stated that the 35 lease contracts had been signed with oil giants from various EU states like Greece, Spain, Italy and the Netherlands asserting that the deals were spot contracts which were sealed for transport of crude oil.

He highlighted that Iranian tankers enjoyed highest standards for transference of crude oil in ports and oil terminals of the European Union (EU); “so far, agreements have been signed with majority of European oil firms like Spain’s Cepsa, Italy’s Eni in addition to Greek and Dutch companies.

In view of post-JCPOA conditions and removal of restrictions, more agreements will be sealed with European oil giants for displacement of crude oil, the official reiterated.

Last week, Kianersi had reported on berthing of Iranian oil tankers at EU oil terminals stressing that the first Iranian tanker had tied up at a Spanish socking site.

For the first time ever, an Iranian tanker, which has been lent out to a large Spanish oil company, moored at Algeciras port of the European state.

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“Iran’s crude and condensate exports surpassed 2.8 million barrels per day (bpd) in December 2016,” Amir Hossein Zamaninia said on Saturday.

Iran exported nearly 2.6 million bpd during the first 9 months of the current year, he added.

“In fact, Iran’s crude and condensate exports have been doubled following the implementation of Joint Comprehensive Plan of Action (JCPOA),” Zamaninia noted.

Iran’s crude and condensate exports surpassed 2.8 million bpd in December 2016 and exported nearly 2.6 million bpd during the first 9 months of the current Persian year.

In July 2015, Iran and the five permanent members of UN Security Council plus Germany clinched a deal following marathon talks.

Under the international agreement which was implemented in January 2016, Tehran agreed to put curbs on its nuclear program in exchange for the removal of unilateral sanctions.

In 2012, Iran’s energy sector was hit by the US-led sanctions, reducing the country’s crude exports from 2.5 million bpd to nearly 1 million barrels per day.

As a result of the sanctions imposed by the United States and the European Union, Iran’s exports of crude oil and condensate dropped to their lowest level since 1986.

The sanctions also negatively affected investment in Iran’s oil sector, cutting crude production sharply.

OPEC output cut deal

The recent boost in Iran’s oil sales comes against a backdrop of efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other major crude exporters to contain global supply glut to prop up prices.

Back in December, OPEC clinched a historic deal with Russia and other non-members to slash global production by nearly 1.8 million barrels a day for six months starting January.

OPEC exempted key member Iran from cutting output, allowing the country to increase its crude production by 90,000 bpd to reach pre-sanction output levels of 4 million bpd.

Iran’s Deputy Petroleum Minister for International Affairs and Trading Amir Hossein Zamaninia pointed to the recent deal and said Iran’s oil revenues will further increase in a foreseeable future.

Iran is now pumping 3.7 million barrels of crude oil per day in the post-sanctions era.

Tehran seeks to regain its market share of pre-sanctions levels of 4 million bpd.

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Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manouchehri said “a list recently published by National Iranian Oil Company was relevant to applicants from Spain, Germany, Italy, Austria, Japan, China and South Korea which had been qualified in Pre-Qualified Iran’s Oil and Gas Upstream Projects Tender Round.”

“Names of Lukoil and Gazprom from Russia were on the list,” highlighted the official asserting that a second list of qualified foreign companies will be soon released.

Manouchehri, while estimating that Russian firms, whose name were among qualified candidates, will be present in the second, underlined that NIOC has inked Memoranda of Understanding (MoUs) with Russia’s Zarubezhneft and Tatneft both of whom were absent in the first published list.

“NIOC must have approved of all firms with which a cooperation agreement has been inked,” noted the official.

He further maintained that claims on disqualification of Russian firms reiterated that Iran welcomed cooperation with credible Russian parties who held new technologies.

National Iranian Oil Company has so far sealed MoUs with seven Russian oil giants for development projects or boosting recovery factor in various oil and gas fields.

Accordingly, research and development MoUs have been signed with Russian firms like Lukoil, Tatneft, Zarubezhneft and Gazprom for expansion of seven Iranian oilfields including Mansouri, Ab Teimour, Aban, West Paydar, Dehloran, Cheshmeh Khoshk and Chenguleh.

Accordingly, Russian firms enjoy the highest rate of cooperation in upstream sector of Iran’s oil and gas industry as compared with Asian or European companies.

Nevertheless, names of Russneft, Tatneft and Zarubezhneft were missing on the recently-published list by NIOC giving rise to hypotheses that the three Russian oil giants had been disqualified.

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Poland has begun new cooperation with Iran in the post-JCPOA era over development of oil trade as well as collaborations for investment in upstream sector of Iranian oil and gas industry.

So far, National Iranian Oil Company (NIOC) has signed spot contracts for crude sales to Lotos S.A. and PKN Orlen while negotiations have also begun with another Polish oil giant for investment in Iranian oil and gas industry.

Managing Director of National Iranian South Oil Company (NISOC) Bijan Alipour, while pointing to the held talks with a Polish firm over implementing developmental projects and boosting recovery factor in southern Iranian oilfields, announced that senior officials of a Polish oil and gas refinery will travel to Iran late January to finalize talks with Iran.

Moreover, National Iranian Oil Company (NIOC), in a statement released last week, affirmed adequacy of 29 international oil and gas companies willing to put in tenders for Iran’s upstream oil sector with the name of Poland’s PGNiG SA on the list.

Poland’s biggest refiner PKN Orlen announced a major purchase of crude oil from Iran thus becoming the latest company to join the already long list of European clients of Iranian oil.

What’s more, NIOC and PGNiG have recently signed into a Memorandum of Understanding (MoU) for development of Sumar field in west Iran.

In the same line, Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manouchehri has described the deal with the Polish over Sumar oilfield saying “PGNiG will conduct studies in the field for six months before making a proposal and a contract will be inked in case both side reach agreement.”

Chairman of Polskie Górnictwo Naftowe i Gazownictwo SA (PGNiG) Peter Wozniak referred to the age-old history of ties between Iran and Poland stressing that his company had returned to Iran after a six-year hiatus, “given our outstanding experiences in Pakistan and Norway, we will hopefully succeed in development of Sumar field.”

From 2006 to 2010, PGNiG held several talks with Iranian Offshore Oil Company (IOOC) for expansion of Lavan gas field in the Persian Gulf and eventually refused to cooperate with NIOC after years of using delaying tactics.

Bordering Iraq in the west of Kermanshah province, Sumar oil field was discovered in 2009 and is believed to hold an in-place reserve of 475 million barrels of which 70 million barrels is recoverable.

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