Iran boosts oil ex­ports in sales bat­tle with Saudis

Tehran Times - - ECONOMY -

TEHRAN — Iran’s crude oil ex­ports to key mar­kets like China were boosted in Septem­ber while ship­ments from ri­val Saudi Ara­bia low­ered, Bloomberg re­ported on Tues­day.

Iran’s ex­ports rose to 2.28 mil­lion bar­rels a day, the most since Fe­bru­ary, ac­cord­ing to ship-tracking data com­piled by Bloomberg. Saudi Ara­bia’s ex­ports were 6.68 mil­lion bar­rels a day, the sec­ond­low­est for this year, the data show.

Ac­cord­ing to the data from China, Iran has gained on Saudi Ara­bia in crude sales to the Asian coun­try. The dif­fer­ence be­tween China’s im­ports of Saudi oil and Ira­nian crude is at an eight-year low. Saudi Ara­bia shipped 833,000 bar­rels of crude a day to China in Septem­ber, com­pared with 600,000 bar­rels a day from Iran.

OPEC’s third-largest pro­ducer has ramped up out­put and dou­bled ex­ports since sanc­tions on its en­ergy in­dus­try were eased in Jan­uary 2016.

“In Iran, I’m ex­pect­ing pro­duc­tion to keep go­ing up in the com­ing months and that ex­ports will be up slightly,” said Robin Mills, chief ex­ec­u­tive of­fi­cer of Dubaibased con­sul­tant Qa­mar En­ergy.

“I do see them tak­ing mar­ket share slowly from the Saudis, if the Saudis hold steady on their pro­duc­tion cuts.”

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