Return Of Iranian Crude Makes Big Splash In Europe

Freshly-released EU import data for 2016 highlight Iran’s market inroads.

The implementation of the Joint Comprehensive Plan of Action (JCPOA) in January 2016 meant the suspension of the EU embargo on Iranian oil imports (MEES, 29 January 2016). Iran didn’t hang around in bidding to reclaim buyers, with the EU importing an average of 290,700 b/d last year. While important, this is still dwarfed by the 1.6mn b/d bought by Iran’s four key Asian buyers: China, India, South Korea and Japan.

Crude exports to the EU were worth $4.57bn in 2016 according to figures from the European Commission. Of this, $812mn (17% of the total) came in December thanks to a confluence of high export volumes and rising prices. By comparison, EU imports of Iranian crude in 2011 were valued at $23.5bn. Iran’s EU successes last year made it the 9th largest supplier of crude to the bloc, but it remains well down on pre-sanctions levels. The EU lifted 598,000 b/d from Iran in 2011. (CONTINUED - 871 WORDS)


chart 1: Eu Imports Of Iranian Crude In 2016 (‘000 B/D)
chart 2: Iran Increases Supplies To Core Eu Buyers (Imports Of Iranian Crude; ‘000 B/D)
chart 3: Eu Imports Of Iranian Crude (‘000 B/D)
chart 4: Iranian Heavy Dominated European Exports In 2011* But Was Edged Out By Iranian Light In 2016 (‘000 B/D)
table EU Crude Imports By Origin & Grade (‘000 B/D): Russia Keeps Top Spot In 2016 As Iran Muscles Back Into Top 10 With End Of Sanctions