Iran has been ranked sixth in terms of crude oil exports to the European Union.
In 2008, Iran supplied 5 percent of the European Union's crude oil demands being sixth greatest exporter to the union. The value of Iran's crude oil exports to Europe reached 12.6 billion euros in 2008, Eurostat said.
The total oil imported to the 27 countries of the European Union reached 273 billion euros in the same year. Russia, Norway, Libya, Kazakhstan and Saudi Arabia are ranked top 5 oil exporters to the EU.
During the first quarter of the current year, Iran has exported 1.2 billion euros of crude oil to the EU accounting for 3.8 percent of the total oil exported to the union.
Selling Prices
National Iranian Oil Company is set to reduce the official selling price for its main Iranian Light crude oil supplied to Asia for the first time in four months, after Saudi Arabia cut prices on Thursday.
Iran's state-owned oil company will set Iranian light crude for September at 9 cents a barrel above the average of Persian Gulf benchmarks Oman and Dubai grades, based on a quarterly formula tied to prices set by Saudi Arabian Oil Company. The premium will be down $1.75, or 95 percent, from August and will be the smallest in seven months.
Saudi Aramco, the state-owned Saudi Arabian Oil company, reduced the price for Arabian light crude for September shipments to Asia by $1.75 a barrel on less refinery demand for diesel and gasoline.
Iranian heavy and Forozan blend crude, linked to Saudi Aramco's Arabian medium grade, will be reduced by $1.50 a barrel to discounts of $1.12 and $1.07 to the Oman-Dubai average. Saudi Aramco cut Arabian medium by $1.50, taking it to a seven-month low.
National Iranian Oil Company will formally announce its prices for the three grades to be supplied to Asia, the Mediterranean, Northwest Europe and South Africa later this week. It will also set September prices for Soroush and Norouz, which are shipped only to Asia and the Mediterranean.
Iran, the second-largest producer in the Organization of Petroleum Exporting Countries, pumped 3.79 million barrels a day last month, more than its quota of 3.34 million, according to a Bloomberg survey of analysts and producers. The country has a capacity to produce 4.1 million barrels a day.
$72 Oil
Crude oil prices rose modestly on the New York Mercantile Exchange on Thursday, climbing to nearly $72 per barrel. Crude prices rose 10 cents to $71.87 per barrel. Heating oil prices lost 0.0195 cents to $1.9308 per gallon. Reformulated gasoline prices rose 0.0066 cents to $2.0554 per gallon. Natural gas prices dropped 0.236 cents to $3.7866 per million British thermal units.
Analysts said the oil market was awaiting the US Labor Department's report on unemployment and payrolls for clues on the strength of stabilization in the long recession.
Most economists expect the data will show the unemployment rate climbed to 9.6 percent, from a 26-year high of 9.5 percent in June, and the economy shed 328,000 nonfarm jobs. Some analysts expect oil prices to retreat owing to weak demand for crude.
"The rally in oil prices is likely to falter," analysts from London-based Capital Economics consultancy said in a report. "Many forecasts still seem to be overly influenced by the boom that started in 2004. But final demand is set to remain weak for years."
Data released on Wednesday by the US Department of Energy painted a mixed picture of oil demand in the United States, the world's biggest energy user.
Just over a year ago, oil prices had struck record peaks above $147 a barrel on worries about potential supply disruptions. But over the past 12 months, prices have nosedived, striking $32 in December before clawing back some ground in recent months.
