Iran has more than doubled the amount of crude oil and gas condensates it exports to Japan, according to a report by the country’s state sponsored news agency IRNA.
Iran exported 308,000 barrels of crude oil and gas condensate to Japan per day in the first half of 2016, a 195.8 per cent increase on last year’s figures. Following the lifting of international sanctions against the Islamic Republic, Iran is dramatically ramping up its oil and gas export levels and is targeting customers in the Far-East as a matter of urgency.
Iran now provides 8.8 per cent of Japan’s total oil and gas imports, making it a key customer.
Iran is believed to be pumping at a rate of around 3.7 million barrels per day in June and has increased its production levels every month since the sanctions were lifted. Iran’s oil minister, Bijan Zanganeh, has said that the country will not consider reigning in its production levels until they reach 4 million barrels per day.