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China to Top Post-Sanctions Iran’s Crude Oil Destinations

Source: www.gulfoilandgas.com 1/16/2016, Location: Asia

Iranian deputy petroleum minister for international affairs and commerce said China will be the biggest destination of Iran’s crude oil after removal of sanctions from among a range of Asian, African, Latin American, and European customers.

“Majority of Iran’s oil will normally be shipped to China as it use to be Iran’s major buyer during the sanctions,” Amir-Hossein Zamani-Nia told Shana on the sidelines of the 60th anniversary of foundation of National Iranian Tanker Company (NITC) on Sunday.

He did not confirm that India will be Iran’s major oil customer following withdrawal of sanctions.

To a question on increasing Iran’s crude oil export despite of plummeting prices in the international markets, Zamani-Nia replied, “The National Iranian Oil Company (NIOC) has the capacity of adding 500 thousand barrels of oil to its daily exports and increase it to one billion barrels in future.”

“Iran’s priority is to win back its market share and it has the capacity to increase its oil export,” the deputy minister said recalling that Iran was forced to lose its markets under sanctions while other countries such as Saudi Arabia occupied its place.

“Iran’s customers are unchanged and it is our endeavor that Iran’s increased export would have the least possible effect on oil prices,” he said.

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