News ID: 166569
Published: 0707 GMT August 09, 2016

Iran's oil export to Asia exceeds 1.7 mbd

Iran's oil export to Asia exceeds 1.7 mbd

Iran's oil export to China, India, Japan and South Korea stood at 1.72 million barrels per day (mbd) in June, marking a 47 percent rise compared to corresponding figure of 2015 which stood at 1.17 mbd.

Following the implementation of the Joint Comprehensive Plan of Action (JCPOA), the traditional purchasers of Iranian crude oil increased their import from Iran and the recent statistics indicate 47 percent growth in Iran's oil export to the Asian states in January, IRNA reported on Tuesday.

The implementation of the JCPOA removed hurdles on the Iranian export to foreign countries and the figure hiked from 1 mbd to 2.1 mbd in the month to July 21.

Under the sanctions, Asian countries – China, India, South Korea and Japan were among main purchasers of Iran's crude oil and after the sanctions were lifted, they boosted purchase of crude oil from Iran.

President Hassan Rouhani said in May that Iran will recapture its pre-sanction oil market share in the near future.

Due to sanctions, Iran lost $180 million per day of its oil revenues in the past four years, Rouhani added.

He said that if we had those financial resources which we lost due to the embargos, we had now a better employment condition and higher economic growth.

Iran should move towards 8 percent growth, President stressed, adding that the country needs foreign investment to reach its targeted development goal.

Iran needs $30 billion to $50 billion investment each year to realize its economic development goals, Rouhani noted.


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