IRAN OIL UP 13%
Asian imports of Iranian crude oil rose from a year ago in June, the last month before a landmark agreement that will eventually lead to more exports from the country was reached on Tehran's disputed nuclear program.
Imports by Iran's four biggest buyers - China, India, Japan and South Korea - totaled 1.17 million barrels per day (bpd) last month, up more than 13 percent from a year earlier, government and tanker-tracking data showed.
Iran is keen to recover market share that evaporated under U.S. and European Union sanctions designed to keep its exports at around 1 million bpd, down from 2.5 million bpd in 2011.
Under the accord reached in Vienna on July 14, Iran will be subject to longer-term restrictions on its nuclear program in return for the removal of U.S., U.N. and European sanctions.
The restrictions are to be removed next year if the deal is approved by the U.S. Congress and inspectors confirm that Iran is in compliance with the limits to its nuclear activities.
Iran, however, has already outlined plans to rebuild its main industries and trade relationships, saying last week it was targeting oil and gas projects with foreign partners worth $185 billion by 2020.
It would take around $100 billion to return Iran's oil industry to the level of five years ago, Industry Minister Mohammad Reza Nematzadeh said in an interview published in Austrian newspaper Wiener Zeitung on Thursday.
"My sense is that really long term (production) contracts still won't be in place until maybe mid-2016," Richard Nephew, a sanctions specialist at the Center on Global Energy Policy at Columbia University, New York, told Reuters Global Oil Forum.
Iranian oil exports may rise by between 300,000 to 500,000 bpd after the nuclear agreement starts in 2016, he added.
More Iranian oil is already on the move though, with at least one 2-million-barrel supertanker on its way to Asia after sitting in Iranian waters for months as storage.
Over the first half of 2015, Asian buyers took in 1.1 million bpd, down nearly 9 percent from a year earlier.
Japan's purchases fell more than 50 percent in June from a year ago to 93,046 bpd, trade ministry data showed on Friday.
|March, 16, 10:40:00|
|March, 16, 10:35:00|
|March, 16, 10:30:00|
|March, 16, 10:25:00|
|March, 16, 10:20:00|
|March, 16, 10:15:00|
BLOOMBERG - While Europe as a whole gets more than a third of its gas from Russia, that share is lower in the U.K., which receives the bulk of its fuel from North Sea fields and Norway. Still, Moscow-based Gazprom PJSC was the second-biggest supplier to major industrial consumers in the U.K. last year, according to Britain’s energy regulator Ofgem.
FT - of the six LNG tankers that have made deliveries into the UK so far in 2018 three have carried cargoes originally from Russia, leading to questions about whether Moscow was gaining a foothold in the UK gas market after starting up the Yamal LNG facility in Siberia late last year.
REUTERS - So far this year, two Yamal cargoes unloaded at British terminals for domestic consumption, accounting for about a third of Britain’s 2018 LNG imports after typical supplier Qatar pre-sold the bulk of its winter output to Asia last year.
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $60.77 a barrel at 0753 GMT, up 6 cents, or 0.1 percent, from their previous settlement. Brent crude futures LCOc1 were at $64.62 per barrel, down just 2 cents from their last close.