EU advisor: Estimates suggest at least 25 percent reduction of Iranian oil exports

Posted on June 13, 2012

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The estimates suggest at least 25 percent reduction of Iranian oil exports in April-May of 2012 compared to the same period in 2011, EU economic advisor Mehrdad Emadi said.

Advisor noted however that the actual figures have not been computed and agreed upon yet.

Last year, Iranian crude exports were running at about 2-2.2 million bpd with total production, including domestic consumption, at 3.5-3.6 million.

Iran in April conceded that its exports had fallen slightly to 2.1 million bpd from 2.2 million bpd at the end of last year.

“If the estimates are to be found true, compared with a 600,000 plus barrels of oil import from Iran in April-May of 2011, the reduction would have taken Iran’s exports to the EU to under half million,” Emadi said.

The EU in January embargoed purchases of Iranian crude but let those with existing contracts continue importing until July 1. The West suspects Iran is trying to develop atomic bombs, while Iran says its nuclear work is solely for civilian purposes.

Emadi noted that the July 1st sanctions may yet again prove as costly to both sides but much more to Iran in terms of lost revenue and markets.

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