 |
Louisiana Light • 2 days | 71.99 | -0.02 | -0.03% | ||
|
Bonny Light • 18 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 73.68 | +0.01 | +0.01% | ||
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Mars US • 309 days | 75.54 | -1.36 | -1.77% | ||
|
Gasoline • 15 hours | 1.896 | -0.030 | -1.55% |
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Bonny Light • 18 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 18 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 73.68 | +0.01 | +0.01% |
|
Peace Sour • 22 hours | 63.90 | -0.30 | -0.47% | ||
|
Light Sour Blend • 22 hours | 66.05 | +0.10 | +0.15% | ||
|
Syncrude Sweet Premium • 22 hours | 70.70 | -0.65 | -0.91% | ||
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Central Alberta • 22 hours | 64.65 | -0.30 | -0.46% |
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Eagle Ford • 2 days | 65.63 | -0.05 | -0.08% | ||
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Oklahoma Sweet • 2 days | 65.75 | +0.00 | +0.00% | ||
|
Kansas Common • 2 days | 55.98 | -0.05 | -0.09% | ||
|
Buena Vista • 3 days | 76.20 | -1.38 | -1.78% |
U.S. Captures Maduro’s Plane As Oil-Backed Crypto Scam Crumbles
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Iran Claims to Have Neutralized Impact of U.S. Sanctions on Condensate Exports
Iran has managed to neutralize the effect of the U.S.-led Western sanctions on its gas condensate exports, Iranian Petroleum Minister Javad Owji said on Wednesday.
“I can dare say that sanctions on gas condensates export have been neutralized,” Iranian news website Iran Front Page (IFP) quoted Owji as saying during the last government meeting of the outgoing administration.
Iran has turned gas condensate – very light oil – into added value by exporting more of it, according to the Iranian minister.
The outgoing administration has also managed to boost Iranian oil production by 60%, from 2.2 million barrels per day (bpd) when it came into office in 2021, to 3.6 million bpd now, Owji went on to say.
Iran has also boosted its oil revenues to $28.4 billion annually, from $9 billion in 2020, according to the oil minister.
Earlier this week, Iran’s central bank governor Mohammad-Reza Farzin said that the Iranian oil industry grew by 14.7% in the latest Iranian year ended on March 19, 2024.
Iran has boosted its oil exports in recent months, to six-year highs, various ship-tracking data have shown.
In the latest Iranian calendar year to March 19, 2024, the Islamic Republic boosted its oil and gas production by 20% compared to the previous Iranian year, oil minister Owji said in May.
Iran plans to increase its crude oil output to 4 million bpd, the country’s Tasnim news agency reported in May, as cited by Reuters.
No specific sources for the plan were provided but the original report in Tasnim said that “An economic council headed by Iran's interim president Mohammad Mokhber has approved a plan to raise the country's oil output from 3.6 million barrels per day to 4 million barrels per day.”
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Iran has been eager to increase its oil production despite U.S. sanctions that have significantly reduced the market for Iranian oil. Even so, Iran reported an increase in exports of crude recently. Last year, the country exported 1.29 million bpd on average, which was 50% more than a year earlier.
By Charles Kennedy for Oilprice.com
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