EMEA News
Iran Says Oil Exports Reach Six Million Barrels Per Day
Iranian oil exports have reached six million barrels per day as the country continues full speed ahead with ramping up production, Iranian media reports.
Iran has reportedly been devoting a substantial amount of resources into elevating its position in the oil industry following a deal to end sanctions on the country earlier this year, according to Pirouz Mousavi, Managing Director of Iranian Oil Terminals Company.
"Currently, gaining the top position in oil terminals in Persian Gulf and in the Middle East has been defined as an important and strategic objective in Iran's oil industry and the necessary plans have been developed," he said.
Part of the company's plan is to reportedly turn the Khark oil terminal into one of the world's top three terminals, with four new crude oil storage tanks on Khark Island having increased the capacity of the facility by 4 million barrels to 28 million barrels.
"This project will bring about great achievements in terms of increasing Iran's competitive and strategic capabilities in exporting oil and engineering services in the region and in the world as well as developing oil industry technology and indigenising vital and strategic equipment," Mousavi said.
He added that with recent upgrades and repairs taken at both the Khark and Neka oil terminals, the country was ready to receive foreign oil tankers.
In July, it was reported that Iran was seeking to dispel rumours that a large amount of crude oil was being held in floating storage, which would have potentially added to the oversupply glut.
