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Iran in top five of oil exporters to China

  |   Oct. 10, 2013 at 7:40 AM
VIENNA, Oct. 10 (UPI) -- Iran was one of the top five suppliers of crude oil to China this year and overall production increased, the Organization of Petroleum Exporting Countries said.

OPEC said in its monthly market report that, based on secondary sources, it estimated Iran produced 2.7 million barrels of oil per day for September, up modestly from the previous month.

Iran's state-funded broadcaster Press TV reported Wednesday the country has the ability to export 5 million barrels of oil per day.

Managing Director of Iranian Oil Terminals Company Pirouz Mousavi said storage capacity by next year should reach 28 million barrels per day.

"Simultaneous with [Iran] Oil Ministry's plan for enhanced crude oil production and exports capacities, the black gold's exports throughput at the country's oil terminals will increase," he was quoted as saying.

Iran's ability to export crude oil is restricted by Western sanctions imposed on its energy sector. Those sanctions are designed to starve Iran of oil revenue it could use to finance a controversial nuclear program.

Some countries can get a sanctions waiver if they cut back on Iranian oil imports. OPEC said Thursday Iraq and Iran "came in as the fourth and fifth suppliers to China after both increased their exports to China by 9 percent from a month earlier."

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