Iran Condensate Exports to Rebound in November

EghtesadOnline: Iranian exports of ultra-light crude oil, known as condensate, are set to recover 1% in November from a five-month low in October, although maintenance at a key oilfield will continue to drag on supply, a source with knowledge of the country’s preliminary tanker schedule said on Tuesday.

News ID: ۷۷۹۹۱۸

23 October 2017

Iran plans to load a total of about 297,000 barrels per day of condensate for export in November, up slightly from around 295,000 bpd this month, said the source, who declined to be identified as he was not authorized to speak to media, Reuters reported. Shipments of condensate are being dented by a “technical problem” at the South Pars Gas Field, with maintenance expected to take 1-2 months to complete, National Iranian Oil Company’s director for international affairs, Saeed Khoshrou, told Reuters in late September.

“Exports of condensate, used in petrochemical production, will return to about 450,000 bpd after the maintenance, although that is still well below the 550,000 bpd average over the last 15 months.”

Shipments of the ultra-light oil from Iran have eased since reaching a post-sanctions high of 601,000 bpd in February this year, more than double the level from January 2016 when sanctions over Tehran’s nuclear program were lifted. Iran has struggled to expand oil exports after it had cleared excess oil stored onshore and offshore. The country, a member of the Organization of Petroleum Exporting Countries, does not publish monthly data on its condensate and crude exports, Financial Tribune reported.

Iranian condensate exports to top customer South Korea will rise to nearly 186,000 bpd from about 153,000 bpd in October, the source said. Meanwhile, the UAE is expected to lift about 99,000 bpd next month, down 11% from October, while Japan is to load 12,000 bpd in November, also down 11%.

China will not load Iranian condensate next month after loading nearly 17,000 bpd in October, the source added.