Iran oil exports up, IEA says

Sept. 13, 2012 at 8:34 AM
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PARIS, Sept. 13 (UPI) -- The International Energy Agency said crude oil imports from Iran have increased slightly despite Western sanctions imposed on the country.

The IEA in its monthly market report stated that crude oil imports from Iran increased slightly in August to 1.1 million barrels per day, up from less than 1 million bpd mark in July.

Press TV, Iran's state-funded broadcaster, outlines of list of countries that have increased crude oil imports from Iran. Among those listed, Turkey led the way with an August increase of 50,000 barrels to 200,000 bpd of Iranian crude.

The U.S. and European governments targeted the Iranian energy sector with sanctions out of concern revenue generated from oil could help fund a nuclear weapons program. Tehran says the program is for peaceful purposes.

Tehran this week announced that that private companies delivered oil to the foreign market for the first time Sunday. An agreement with unspecified entities allows private companies to export about 20 percent of the country's total oil deliveries designated for the international market.

The Organization of Petroleum Exporting Countries, in its August report, reported average overall member state production at 31.2 million barrels of oil per day, down 160,000 bpd in part on decreases from Iran, Saudi Arabia, Libya and Angola.

"In terms of supplier share, Saudi Arabia, Angola, Iran and Russia all maintained their positions in July as the top crude suppliers to China as in the previous month," OPEC's monthly report stated.

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