TEHRAN, Sep 26 – PRIME. Iranian oil exports have been declining in recent months amid increased competition from Russian oil in the Asian market, anonymous sources told Bloomberg.
According to their data, the daily volume of oil exports from Iran fell from a peak of 1 million barrels to an average level of 750,000 barrels.
Russia and Iran compete for oil supplies to countries like China. Tehran is forced to regularly review and adjust prices to keep its own oil attractive, the sources added.
Iranian oil refineries (ORs) consume 2.1 million barrels of oil per day. Thus, the total oil production is approximately 2.8 million barrels per day. If the 2015 nuclear deal between Iran and a number of other countries, including the United States, is restored, Tehran will be able to increase exports.
Tehran can produce up to 4 million barrels a day and plans to increase production capacity to 5.7 million barrels a day, Iranian Oil Minister Javad Ovji said Sunday in an interview with Nikkei.
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