TEHRAN – Iran’s crude oil and gas condensate exports will increase to three million barrels per day (bpd) by the end of current Iranian calendar year (March 20, 2017), IRNA reported on Sunday quoting a senior oil official.

According to Ali Kardor, the managing director of National Iranian Oil Company (NIOC), the country’s exports of crude oil will reach 2.5 million bpd by the year-end.

“We are also sending about 500,000 barrels of gas condensate abroad on a daily basis”, he added.

In early October, Mohsen Qamsari, the NIOC director of international affairs, had said that the country is exporting 2.2 million bpd of crude oil and NIOC has it on the agenda to increase the figure in near future.

According to Qamsari, some 600,000 to 650,000 barrels of Iranian crude are being sent to the European market and the rest is for Asia.

“Nearly 62 percent of the total exports figure goes to Asia and the rest is exported to Europe, as for the increase in oil exports, this ratio will be preserved,” Qamsari said.

Iran, OPEC’s third-biggest member, plans to boost its present 3.85 million bpd of oil output to a level of 4 million barrels a day this year.

According to National Iranian Oil Refining and Distribution Company (NIORDC) Iran holds 13 percent of the total share of oil products exports from the Middle East.

EF/MA