Iran's condensate exports have picked up
Iran condensate exports surge amid sanctions loophole
LONDON, December 14, 2014
Iranian exports of ultra-light oil have more than doubled this year from 2013 to about 190,000 barrels per day as buyers have taken advantage of a loophole in oil sanctions, International Energy Agency data showed.
Iranian sales of the light oil, known as condensate, do not fall under Western sanctions, which have limited exports of crude oil to 1 mbpd.
Shipments of condensate from Iran's South Pars gas project averaged about 190,000 bpd from January through November this year up from 90,000 bpd during the same period a year ago, the IEA said.
The figures are based on data submitted by OECD countries, non-OECD statistics from customs agencies, tanker movements and news reports.
Iranian condensate exports had been limited before the US and the European Union eased some sanctions last year as the sides seek a breakthrough in talks over Iran's nuclear programme.
So far this year, Iranian crude exports have averaged 1.1 mbpd, the IEA said,
Talks between Iran and six powers, the US, China, Russia, Britain, France and Germany, failed last month to resolve a 12-year stand-off over Tehran's nuclear ambitions as the sides agreed to extend the talks till June 2015. -- Reuters
