BAKU, Azerbaijan, September 13. Iran's crude oil supply experienced a notable increase of 100,000 b/d in August, reaching a level of 3.14 mb/d.
According to the report obtained by Trend from the International Energy Agency (IEA), this marks the highest supply volume since October 2018.
As per Kpler tanker tracking data at the time of this report, Iran's oil exports in August were estimated at approximately 1.5 mb/d. This export level, apart from a brief deviation in July, has appeared consistent since May. Most of these shipments are heading to China, which appears to be actively purchasing competitively priced Iranian oil.
Additionally, Iran's production of condensates and natural gas liquids (NGLs) is also on the rise, the IEA noted. This increase is attributed to the commencement of Phase 11 of the South Pars project, which is the world's largest gas field. Originally, this project was intended to be developed by a consortium led by TotalEnergies. However, TotalEnergies withdrew from the project in 2018 when the US re-imposed sanctions. The South Pars project now boasts a production capacity of 2 billion cubic feet per day of gas and, when fully developed, is expected to yield 70,000 b/d of condensate.
The IEA reminded that, before the former US administration withdrew from the Joint Comprehensive Plan of Action (JCPOA) nuclear deal in 2018, Iran's oil exports, including condensates, had been consistently exceeding 2 mb/d. Official discussions aimed at reviving the 2015 Iran nuclear deal, which would potentially ease sanctions, have been on pause since September 2022.
