Iran has increased its oil exports to Turkey in the first three months of 2014 compared to the last year’s corresponding period, the Turkish Energy Market Supervisory body announced.
Turkey imported about 3.84 million barrels of crude oil from Iran in the first three month of 2014 showing four percent rise compared with the first quarter of 2013, Iran’s official IRNA news agency reported on May 23.
Turkey imported a total of 1.2 million barrels of crude oil and 40 percent of that was from Iran.
On May 20, director of the International Affairs Department at National Iranian Oil Company Mohsen Ghamsari said that for the time being Iran exports about 100,000 to 115,000 bpd of crude to Turkey.
Iran’s contract with Turkey is evergreen, he said.
The evergreen contract is an agreement between two parties which is automatically renewed after each completion- or maturity period, until canceled by either party.
Iran’s oil exports dropped for a second month in April, the International Energy Agency (IEA) said, moving closer to levels allowed by Geneva interim deal.
Global imports of Iranian crude in April averaged 1.11 million barrels per day the IEA said in its monthly Oil Market Report released on May 15, down 180,000 bpd from March.
“Imports of Iranian crude reached a 20-month high of 1.58 million barrels per day in February but have since edged lower,” the IEA said in the report.
By holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest reserves of crude oil.
