Iran's energy sector review

The latest statistics released by Iran Custom Administration indicates a drop in the country's natural gas condensate export volume. The gas condensate shares about 30 percent of Iran's total oil exports; it plunged after the imposition of tough western sanctions on Iran in mid-2012 and then soared suddenly after an interim nuclear deal was achieved in November 24, 2013. Before imposition of western sanctions on Iran, the country was exporting about 270,000 barrels per day (bpd) of gas condensate. This figure plunged to around 170,000 bpd in mid- 2013, but suddenly rose after Iran and P5+1 reached an interim nuclear accord. Iran had stored a huge amount of unsold condensate during 2H12 to 3Q13 and exported that after Nov.2013. There are no accurate statistics about the real sold condensate, because the Custom Administration data covers the loaded and exported amount of gas condensate, rather than sold volume. For instance, the director of the International Affair