Iran ready for oil swap deal with Russia

Iran’s oil minister Bijan Zanganeh has stated that the country would be prepared to consider an oil swap deal with Russia in the coming months.

Zanganeh confirmed that a number of domestic and international companies had discussed the possibility with senior members of the National Iranian Oil Company.

“The Russian side has also voiced willingness for swapping a portion of its oil production through Iran’s route and relevant negotiations are underway.”

“The capacity exists for a maximum swap of 150,000 barrels of oil per day,” explained Zanganeh, adding that “the process would boost Iran’s market share since the replacement is delivered to customers in the Gulf.”

Iran has dramatically increased its crude oil, condensate and natural gas production levels since sanctions against the Islamic republic were lifted earlier this year.

“More than one million barrels have been added to Iran’s crude exports volume since implementation of the Joint Comprehensive Plan of Action (JCPOA),” commented Zanganeh adding “in the meantime, oil production has also soared from 2.7 to about 3.85 million barrels per day.”