Oil Exports in Iran Fall During April

Oil exports from Iran dropped during April reported the IEA potentially reducing the concerns that Tehran would breach its cap of six months agreed to with Western countries in it deal regarding the Islamic Republic’s nuclear program.

Iran’s exports of oil reached their peak for 20-months two months prior to what was scheduled, said the global watchdog International Energy Agency. The IEA estimated that import volumes in April for foreign buyers of oil from Iran were lower by 180,000 barrels per day to just 1.11 million a day.

The export figures, which also include condensates, were 1.29 barrels each day during March and a peak of 20 months in February of 1.58 million a day.

Exports of condensates were 230,000 barrels per day during April compared to only 150,000 barrels per day during March.

The data from the IEA confirmed the statements the deputy Iranian oil minister made who is in charge of international affairs. Ali Majedi said last week that exports of crude, which do not include condensates, averaged just less than 1.2 million barrels per day over the last three months.

That was lower than February’s number of 1.3 million barrels per day.

Iran agreed in November to cap its exports on crude, excluding its condensates, to 1 million barrels daily on an average of six months.

That commitment is part of the interim broader deal reached with six of the world powers over the country’s nuclear program.

Some other countries like India have lowered their imports of Iranian oil as they look to adjust to the sanctions from the U.S. limiting the imports of oil from Iran.

Oil exports from Iran on an average however have been up in 2014. Bijan Zanganeh the Oil Minister of Iran said on Thursday that the Iran oil exports were on average just over 1.5 million barrels per day.

That is in contrast with October’s low of only 700,000 barrels each day during October, said estimates released by IEA.

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