Iran's energy sector review

After the "Geneva agreement" on Iran's nuclear program, speculations about reviving Iran's halved crude oil export to international markets have risen. The Middle East country's crude oil export decreased from 2.2 million barrels per day to below one mbpd since 2011, while condensate export dropped by 34 percent to about 200 tbpd during the mentioned period. The latest report published by Iran's Custom Administration says the country's condensate export soared to 345 tmbd during last Iranian calendar month (Oct.21 to Nov.22), even more than pre-sanctions' level, but what about crude oil? First of all, let's review what mechanisms were used by Iran toward the West's sanctions, aimed at chocking up the country's oil exports. Iran was unable to boost refinery capacity, so it was forced to start closing down some oil wells as well as storing crude oil in tankers. Reportedly, Iran holds 25 to 30 million barrels of unsold oil storage in tankers,

The latest detailed monthly report of Iranian Customs Administration, published on Dec.1 says the country's gas condensate export reached 5,582 thousand tons during the eight months of Iranian calendar year, which began on March 20. Based on the last month's report, Iran 's total condensate export stood at 4,433 thousand tons (first seven months), or about 190,000 barrels per day. Then, according the statistics of 7-month and 8-month periods, Iran exported about 1,149 thousand tons of condensates during the 8-th month (October 23 - November 22)- which equals to 345,000 barrels per day, and indicates approximately 48 percent increase compared to average condensate exports during first seven months of Iranian year. Iran 's total condensate export amount for last solar year was 9,630 thousand tons, which indicates 15.36 percent drop compared to the previous year. Before Iran had sanctions imposed on it, the country's condensate export was about 300,000 barrel