(Recasts with plans to reduce oil revenue outlook)
By Daniel Fineren
DUBAI Nov 26 Iran's state budget for the next
fiscal year may assume exports of just 1 million barrels of oil
a day, an Iranian budget planning commission member told the
semi-official Fars news agency on Monday, about half volumes
shipped in 2011.
"Apparently, the government wants to decrease the 1392 (the
next Iranian year starting on March 21) state budget's reliance
on oil exports to one million barrels a day," parliamentarian
Gholamreza Mesbahi Moqaddam was quoted as saying by Fars.
The International Energy Agency (IEA) estimates that Iranian
oil exports dipped below 1 million barrels per day (bpd) over
summer as U.S. and European Union sanctions on Tehran tightened.
According to official Iranian government data available
through the Joint Oil Data Initiative (JODI), Iran exported an
average of just over 2 million bpd in 2011.
Iranian officials usually maintain that oil exports have not
been significantly affected by western sanctions aimed at
stopping the country's disputed nuclear activities and say that
the sanctions are an opportunity for the country to wean itself
off heavy dependence on oil.
The U.S. government has focused on blocking Iran's oil
exports because it estimates that crude sales provide about half
of Iranian government revenues.
The IEA estimates that Iranian oil exports bounced to 1.3
million bpd in October. But if the country's budget planners are
now expecting to sell only 1 million bpd on average next year it
implies Iran expects to make around $110 million less each day
from oil sales than before sanctions tightened in early 2012.
With exports down sharply and fewer oil tankers available to
store the excess, Iran's Press TV reported on Sunday that Iran
plans to build millions of barrels of additional storage
facilities in the Gulf over the next few months.
"By the middle of the next (Persian calendar) year
(beginning March 20, 2013), nearly 8.1 million barrels will be
added to the crude oil storage capacity of Iran," Press TV
reported the managing director of the Iranian Offshore Oil
Company (IOOC), Mahmoud Zirakchian-Zadeh, as saying.
Western governments led by the United States have increased
pressure on the Islamic Republic this year in an attempt to curb
its nuclear programme that they say is includes atomic weapons
but Tehran says is peaceful.
In early 2012, Iran used some of its fleet of oil tankers to
store crude it could not sell due to western pressure on its
customers to reduce their intake.
But the number of ships anchored off its main export
terminal in the Gulf, Kharg Island, has fallen sharply over the
last few months, ship tracking data shows, as Iran's state
tanker company has had to use more of its own vessels to deliver
crude to buyers unable to obtain shipping insurance.
The IEA estimates that Iranian crude oil held in floating
storage nearly halved to 13 million barrels at the end of
October from as high as 25-30 million in April.
Although short-term reductions in production could give
Iran's old oil wells welcome rest, a prolonged reduction in
output could cause long-term production problems.
Iran has over 20 million barrels of onshore oil storage
capacity at Kharg Island and another 5 million at Lavan Island
but these facilities are believed to have been filled as Iran's
exports have slid over the past year.
The additional storage to be built over the next year near
the Bahregan oil field in the northern Gulf would be enough to
store less than three day's of the IEA's estimate of Iranian
output of around 2.7 million bpd in October.
(Reporting by Daniel Fineren; Editing by Hans-Juergen Peters
and William Hardy)