News ID: 214254
Published: 1255 GMT April 30, 2018

Oil Ministry hopes nuclear deal can hold as oil exports climb

Oil Ministry hopes nuclear deal can hold as oil exports climb

With crude and condensate exports of around 2.5 million barrels per day (mbd), senior Iranian oil officials are hopeful the country's nuclear deal with Western powers will continue, despite the US threatening to withdraw.

Iran's crude oil and condensates exports have increased by more than 1 mbd to reach an average of 2.418 mbd, since the implementation of a landmark nuclear deal with Western powers in January 2016, said Deputy Oil Minister for International and Commercial Affairs Amir Hossein Zamani-Nia, according to Platts.

The US has repeatedly threatened to re-impose sanctions, potentially cutting exports by 1 mbd. US President Donald Trump has set a May-12 deadline to decide whether to continue waiving sanctions on Iran.

"It depends on how Trump quits, what would be the impacts... let's cross the bridge when we get to it," Zamani-Nia told reporters in Tehran.

"Currently, Iran is exporting more than 2.5 million barrels of crude oil and gas condensates per day," he said.

The country produced an average of 3.82 mbd in March, according to the latest S&P Global Platts OPEC survey, an addition of some 1 mbd since the nuclear deal was struck.

This includes output from Iran's West Karoun fields which currently tops 300,000 bpd, up from 70,000 bpd in 2013, Zamani-Nia said.

At the same time, gas output at the key South Pars Gas Field also exceeded 550 million cubic meters per day from around 280 million cubic meters per day in 2013.

Further developments in the Iranian oil sector will depend on the agreement, continuing, even if there is some renegotiation.

"The JCPOA will be alive for oil as long as international trades continues," Zamani-Nia added.

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