Iran in talks with European Company for oil export deals

EghtesadOnline: Alongside negotiations with Hungarian MOL Company to export 140,000 barrels per day of crude oil, Iran is finalizing talks with Austrian company OMV to a sign mid-term oil export contract.

News ID: ۷۷۰۴۰۸

16 October 2016

Iran sold a 1 million-barrel spot oil cargo to OMV recently, but it wants to sign mid-term contracts (12-month) with European companies.

According to ILNA, Iran is exporting about 2 million barrels per day (mb/d), doubled since January 2016 after implementation of a nuclear deal, but currently sells only spot oil to European companies.

Before sanctions, EU was importing 18 percent of Iran’s total oil and gas condensate exports which was 2.5 mb/d. Currently, less than 8 percent of Iran’s total oil exports is delivered to Turkey and EU.