AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,941 Increased By 103.5 (1.32%)
BR30 25,648 Increased By 196 (0.77%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)

imauuuiiiiTEHRAN: Iran has not stored oil on tankers in the Gulf, and its crude exports have not been disrupted due to mounting international pressure over its disputed nuclear programme, an oil official told the semi-official Mehr news agency on Saturday.

On Tuesday shipping sources told Reuters the volume of Iranian crude oil stored at sea had risen to as much as 8 million barrels and was likely to increase further as the Islamic Republic struggles with sanctions and a seasonal refinery slowdown.

"There has been no disruption in Iran's crude exports through the Persian Gulf We have not stored oil in the Gulf because of sanctions as some foreign media reported," Pirouz Mousavi told Mehr.

"We do not have even one drop of oil (stored) in the Persian Gulf Iran's oil exports are taking place based on the OPEC's policies."

Iran, OPEC's second-largest oil producer after Saudi Arabia with output of about 3.5 million barrels per day, faces trade hurdles over its nuclear programme, which the United States and its allies say is aimed at building bombs. Iran says it needs nuclear technology to generate electricity.

European Union countries have agreed in principle to embargo imports of Iranian as part of the latest Western efforts to step up heat on Tehran.

Temporary storage of crude on tankers at sea has been an effective means in recent years for Iran to hold cargoes until sales can be made while not interrupting oil field production.

EU countries have proposed "grace periods" on existing contracts of one to 12 months to allow companies to find alternative suppliers before implementing an embargo.

Shipping sources said the widening sanctions were likely to deter most international ship owners from engaging in deals in which Iran can hire tankers, compounding its logistic problems.

Iran has threatened to block the vital oil shipping route of the Strait of Hormuz in the Gulf if sanctions imposed on its oil exports.

Copyright Reuters, 2012

Comments

Comments are closed.