Energy plays a pivotal role to provide financial resources for Iranian public services and the industrial sector and the deal has paved the way for removal of sanctions on Iranian\u2019s oil sector and benefited the country, the top oil producers and exporters as well as the oil consuming countries.<\/p>\n
The absence of Islamic Republic of Iran\u2019s from global markets during sanctions era had caused major problems because some countries were not able and ready to replace country’s oil from other states due to the lack of infrastructure.<\/p>\n
The petroleum industry and petrochemical structure of some countries were compatible with Iran\u2019s crude oil and any change for compatibility with other countries would have proven difficult and costly.<\/p>\n
However, the implementation of JCPOA <\/a>created a new opportunity for Iran, oil companies and consumers so that they could recommence their trading like in the past.<\/p>\n Thanks to the JCPOA, the foreign countries and big oil companies have had an immense opportunity for investment in Iran\u2019s oil sector and buying oil from the Islamic Republic.<\/p>\n Following the implementation of the JCPOA in January, the European countries resumed oil imports from Iran or began negotiations for imports of oil from the major oil producer and a new blow has been breathed in Iran’s oil sector which would be materialized in the short-term and some others in the long-run.<\/p>\n The international relations of Iran which is known as the fourth largest oil and the second largest gas reserves in the world have undergone major change following the implementation of JCPOA, and its icy relations with other countries seems to be thawing in the years of sanctions.<\/p>\n From the early days of clinching the JCPOA, a large number of directors of international companies active in oil industry have traveled to Tehran along with their respective country’s economic delegations and voiced their willingness to resume the ties cut-off for years.<\/p>\n Thanks to new model of oil contracts, dubbed as the Iran Petroleum Contract (IPC) which aimed at attracting foreign companies and investments in Iran\u2019s oil and gas development projects, a large number of officials of the most reputable European oil companies, Total SA of France, the world’s fourth major oil company, and Royal Dutch Shell, the Anglo-Dutch firm in particular, have so far held talks with Iranian side aimed at amending mutual cooperation.<\/p>\n Recently, National Iranian Oil Company (NIOC) announced that Iran’s oil exports to Europe, which had nearly stopped during sanctions, has risen to 700,000 b\/d and the country’s oil exports in October stood at 2.44 million barrels per day.<\/p>\n The Executive Director for International Affairs at National Iranian Oil Company (NIOC) Mohsen Ghamsari has announced that Iran\u2019s volume of oil exports would rise by 150 thousand barrels per day (bpd) within months, stating that the daily amount of 600 to 650 thousand barrels of crude oil are being deployed to the European countries.<\/p>\n Touching upon Iran\u2019s exception to OPEC\u2019s quota and the possibility to boost crude exports from the country, Ghamsari underscored that a daily average of 2.2 million barrels of oil is now being deployed to world markets, adding that under present circumstances, the consumption volume in domestic markets and refineries stands at about 1.8 to 1.85 million barrels per day.<\/p>\n Meanwhile, the Islamic Republic of Iran is also seeking to achieve 13 percent of the production share at OPEC and the feasibility of boosting production by 500 thousand bpd after the oil freeze deal.<\/p>\n Meanwhile, so far Iran has announced several times that it would spare no effort to increase crude exports to 2.35 million bpd in a few months in order to reach pre-sanction levels.<\/p>\n On Oct 2016, Iran\u2019s Ministry of Petroleum reported a dramatic jump in its oil exports to Asia, emphasizing that its supplies to the world\u2019s largest consumption zone are now much closer to pre-sanctions levels.<\/p>\n According to the Ministry’s report, Iran’s exports of crude oil to Asian clients for August stood at around 1.7 million barrels per day (mb\/d). The figure showed an increase of 92 percent year-on-year, adding the Asian countries currently comprise 63 percent of Iran\u2019s oil export destinations.<\/p>\n![\"Deputy](\"http:\/\/iranthisway.com\/wp-content\/uploads\/2016\/09\/iran_total_250316.jpg\")
<\/a><\/p>\n![\"13792_459\"](\"http:\/\/iranthisway.com\/wp-content\/uploads\/2016\/11\/13792_459-1.jpg\")
<\/a><\/p>\nIran’s Oil Export to Europe Up<\/h3>\n
![\"Platform](\"http:\/\/iranthisway.com\/wp-content\/uploads\/2016\/11\/n3335279-5450497.jpg\")
<\/a><\/p>\nIran\u2019s oil sales to Asia up 92%<\/h3>\n