Iranian Oil Ministry rejected Reuters’ report that the country has reduced condensate exports to South Korea.
Iranian Oil Ministry said that not only there has not been a fall in exports of the material to South Korea, but also "We have witnessed a rise in condensate exports (to South Korea).”
It seems that Reuters has released its tally based on observation of vessels passing across the Strait of Hormuz, while Iran has already deployed several super oil tankers filled with condensate in high seas and near China.
The shipments have comprised part of the condensate exports.
Three South Korean companies bought 11 million barrels condensate from Iran in December. The country is still Iran’s largest condensate client.
Reuters also claimed that South Korea takes more barrels from Qatar, where as Qatar is incapable of competing with Iran in exporting condensate.
Iran exported 611.522 barrels of condensate daily in 2016.
Iran produces 40.000 barrels of condensate daily in the process of gas production from each phase of South Pars gas field.
Iran sells the bulk of its condensate to South Korea. In mid-July, the foreign media reported a major rise of 115 percent in South Korea’s combined imports of crude oil and condensate from Iran.
The jump was mainly associated with the country’s interest in cheap Iranian condensate.