News ID: 214935
Published: 0229 GMT May 12, 2018

US withdrawal from JCPOA won't force Iran out of oil market: Official

US withdrawal from JCPOA won't force Iran out of oil market: Official

The decision by the US to withdraw from the nuclear deal won't have serious impact on Iran's oil exports, the managing director of National Iranian Oil Terminals Company told Trend News Agency.

Pirouz Moussavi added that the world certainly needs Iran's oil and Iran will continue playing its key role in the global oil market.

Iran's oil exports may face some decline, but the country will never leave the international oil market, he stated.

Before the sanctions in 2012, Iran was exporting 2.5 mbd of crude oil and gas condensate, of which 18 percent was supplied to the EU.

After 2012, the EU cut Iran oil purchase and Asian countries had to decrease Iranian oil import gradually, which led to a decline in exports of Iranian oil and gas condensate to 1.2 mbd in 2015.

After the removal of sanctions in 2016, based on nuclear agreement, Iran resumed its oil exports.

Latest figures released by Iran's Oil Ministry indicate that Tehran exported 2.877 mbd of oil on average to Asian and European countries in April, which is a record in last one year.

The exports included 2.617 mbd of crude oil and 260,000 bpd of condensate during the last month.

The share of the European countries in Iran's oil exports was about 40 percent.

The former post-sanctions record high was in February 2017, when Iran exported 3 mbd of oil and condensate.

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