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May 3, 2015 11:55 pm

Iran Claims New Oil Export Record of 7 Million Barrels in Single Day

avatar by David Daoud

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Iran claims that it has exported 7 million barrels of crude oil in a single day, despite sanctions. PHOTO: Press TV

Despite the continuation of economic sanctions against Iran, the country is claiming that it hit a new oil export record of 7 million barrels in one day, semi-official state news agency Mehr reported, citing Seyed Pirouz Mousavi, the CEO of Iranian Oil Terminals Company.

Mousavi noted that, “over the past few weeks, eight ports at Kharg oil terminal were simultaneously engaged, and after ten years the export of seven million barrels of oil in a day was made possible.”

The main reason for the dramatic increase, claims Iran, is a rise in its oil exports to Japan and India, despite exports to China slightly dropping.

In fact, Iran claims that its oil exports to India are up by 17% over last year’s exports, making India one of the largest purchasers of Iranian oil, with China being the largest. This year, India has purchased 246,000 barrels per day of Iranian oil, compared to 225,000 barrels per day last year, with the level of oil exports this year reaching their highest in April.

In light of this dramatic increase, Iran’s Oil Minister Bijan Zangeneh announced that, in case sanctions against Iran — imposed by the international community due to the country’s nuclear program — are completely terminated, Iran has already put into place necessary measures for a dramatic increase in production and exportation of oil.

While the export of 7 million barrels was a one-time record for Iran, according to the CIA World Factbook’s 2013 estimate, on an average day, Tehran produces 3.113 million barrels of crude oil.

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  • M.

    Sounds fishy.

    I suspect –

    1) It is false.

    2) They had many barrels stockpiled in storage, due to sanctions over recent years, etc., so that enabled them to unload more than the typical one day figure without too much difficulty, when the situation eased.

    3) Combination of the above.

  • shloime

    this brings to mind the term “stakhanovite”. clearly, this is a “record” manufactured for political purposes, and not sustainable on a regular basis. it is a morale booster for domestic consumption, and a signal for the race to increased trade, once sanctions are lifted.

    but it is also a response to the saudi “oil glut” which has driven the price of oil down by more than 50%. however, like the monkey reaching for the bananas, they won’t be able to compensate for lower revenues by pumping more oil, because it will only drive prices down. and that will have interesting effects on other players, such as saudi arabia, but also including russia and america.

  • Lynne T

    And Iran requires nuclear technology to generate electricity for domestic consumption. Right.