Hungary to buy 1mn barrels of Iranian oil, NIOC official says

By bne IntelliNews October 3, 2016

Hungary is believed to have signed a deal to buy from Iran a shipment of 1mn barrels of oil, according to the National Iranian Oil Company’s (NIOC) director for international affairs on October 1.

Hungary was one of the numerous European states to visit Iran in the past year to sign trade and oil deals with the country, prior to sanctions in 2011, the Hungarian government’s trade balance was minuscule with Tehran.

Mohsen Qamsari, the NIOC official said: “The contract to sell a cargo of 1mn barrels of crude oil to Hungary next month has been finalised,” Qamsari was quoted by SHANA, Iran’s energy news agency.

The report doesn’t add which oil company has bought the Iranian crude or whether the Hungarian government is acting as facilitator.

Iran exports about 2mn b/d whilst also retaining a significant share of its export market since reemerging on the market in the past year.

Total production is believed to be 3.8mn b/dm, according to oil ministry announcements.



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