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2016-02-16 19:10:00

IRANIAN OIL FOR EUROPE

IRANIAN OIL FOR EUROPE

The first shipment of Iranian crude oil to the European Union in more than three years is poised to depart as soon as Monday, Iranian officials said.

A tanker chartered by French energy giant Total SA is expected to sail with 2 million barrels on Monday, the officials said. Two others will carry 1 million barrels each for Spain's Compañía Española de Petróleos, or Cepsa, and Litasco, the trading arm of Russia's Lukoil, they said.

The ships are carrying a portion of a flood of new oil that Iran says it is producing since world powers agreed to lift Western sanctions related to the country's nuclear program. Those sanctions crippled Iran's oil industry, reducing its export capacity by more than 1 million barrels a day.

Rokneddin Javadi, the deputy oil minister, was quoted by state television broadcaster Press TV on Sunday as saying that Iran's crude-oil production had increased by 400,000 barrel each day. That is the bulk of its stated short-term, post-sanctions target of ramping up production by 500,000 barrels a day.

Litasco, Total and Cepsa didn't respond to requests for comment over the weekend. Iranian officials said the companies were loading over the weekend at Iran's oil terminal at Kharg Island.

Iran is aiming its new exports at two of its prime customers before sanctions: Asia and Europe. While some Asian buyers continued doing business with Iran at reduced rates during sanctions, Europe had imposed a total embargo.

Now Iran has lowered its prices to refineries along the Mediterranean Sea in an effort to compete with rivals like Saudi Arabia and Russia, which had moved to grab Iran's market share when it was driven out of Europe.

The tankers began loading after European oil traders and shippers won a key victory allowing the cargoes to be insured. The American Steamship Owners Mutual Protection and Indemnity Association, Inc., or American Club, said U.S. sanctions preventing it from covering cargoes originating from Iran had been removed.

The new Iranian oil has weighed on crude prices, which already were struggling. Prices have fallen more than 70% since their June 2014 peak of $114 a barrel, largely because new supplies from the U.S., Saudi Arabia, Russia and Iraq have outrun growth in the demand for crude.

Iran is a member of the Organization of the Petroleum Exporting Countries, which produced an additional 280,000 barrels a day last month, said the International Energy Agency, which tracks oil and gas data for industrialized countries. As a result, inventories will build by 2 million barrels a day in the first three months of 2016, it added.

wsj.com

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More: 

IRAN NEEDS $200 BLN 

JAPAN - IRAN INVESTMENT 

IRANIAN OIL WILL UP 

IRANIAN OIL & GAS 

IRAN NEEDS $20 BLN

 

 

Tags: IRAN, OIL, EUROPE

Chronicle:

IRANIAN OIL FOR EUROPE
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OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

IRANIAN OIL FOR EUROPE
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IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

IRANIAN OIL FOR EUROPE
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IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

IRANIAN OIL FOR EUROPE
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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