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2018-01-17 23:30:00

STABLE IRANIAN OIL

STABLE IRANIAN OIL

PLATTSAsian importers of Iranian oil reacted coolly Monday to the possible reimposition of US sanctions against Tehran later this year after President Donald Trump on Friday maintained the 120-day waiver, but said it was for the final time and the last chance to rewrite the nuclear deal.

Trading sources from Asia, which remains the premier destination of Iranian oil, told S&P Global Platts that even if US sanctions returned, crude oil inflows from Iran would be stable.

Some market players believe the return of sanctions targeting Iran's oil sector could also take months, if not a few years, to be fully implemented.

"We are not overly concerned because whatever Trump decides to do in May, it will still take many months [to fully implement the sanctions on Iran again] ... at least for 2018, Iran's exports would be unaffected. Any sanctions or supply issues beyond that, we can worry about later," said a sour crude trading manager at a South Korean refining company.

A source at a Japanese refiner said: "We would think of our response when it comes to the point of not being able to take [Iranian crude] so there is no point of preparing for it from now."

Trump said Friday he will renew for another 120 days waivers on sanctions targeting Iran's oil sector but warned Congress and European allies that they need to fix the nuclear deal or the US would withdraw from it.

CHINA SANGUINE

The renewal now sets a May 12 deadline for Congress to act, leaving intact for now the status quo on Iranian crude exports.

Iran has doubled its oil exports to about 2.2 million-2.3 million b/d since the deal, known as the Joint Comprehensive Plan of Action, was implemented in January 2016.

Trading sources from China, the largest buyer of Iranian oil, told S&P Global Platts that even if US sanctions returned, crude oil inflows from Iran would be stable.

An official with Zhuhai Zhenrong, a major Chinese importer of Iranian crude, said: "China's Iranian crude imports do not change much before or after the sanction ended."

"Sanction actually helps China to get a better price for the crudes," said a source with a state-owned oil company, adding that was because sanction means less competition for the barrels.

Iranian crude imports by China slid to an average of 534,506 b/d in 2015 from 557,413 b/d in 2011 prior to international sanctions imposed in mid-2012, according to official General Administration of Customs data.

China's Iranian crude imports rose to 630,380 b/d in 2017 after having risen to 626,805 b/d in 2016, according to the official data.

ASIA GAINER

Asia remains the largest consumer of Iranian oil, with almost 60-70% of Iranian exports traveling to this region.

China emerged as the largest buyer of Iranian oil in 2017, with India coming a close second. Other key buyers include South Korea Japan and Taiwan. Before sanctions were lifted, more than 80% of Iranian exports went to Asia.

Since then European demand has risen steadily. When sanctions were in place, the top importer in this region was Turkey, which remains a steady buyer.

About one-third of Iran's crude exports have gone to Europe since the sanctions were lifted.

More than 700,000 b/d of Iranian oil in recent months has been sold to Europe, with France, Turkey, Italy, Greece and Spain the key destinations. Demand has risen slightly due to a sharp fall in Kurdish oil exports since mid-October.

Iranian oil output has remain steady in the past few months, with output averaging 3.79 million b/d last year, according to S&P Global Plats estimates, compared to 2016 when production averaged 3.48 million b/d.

Production is expected to only rise marginally this year as it is technically incapable of producing significantly more than its current level without further international investment.

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Earlier:

 OIL PRICES & IRAN SANCTIONS
2018, January, 15, 09:50:00

OIL PRICES & IRAN SANCTIONS

PLATTS - On Thursday, US Secretary of State Rex Tillerson told reporters that Trump would likely announce the decision in the afternoon in Washington. If that deal unravels, 800,000 b/d of Iranian crude exports would be at risk, according to analysts.

 

 U.S. - IRAN SANCTIONS
2018, January, 8, 19:25:00

U.S. - IRAN SANCTIONS

U.S.DT - "These sanctions target key entities involved in Iran's ballistic missile program, which the Iranian regime prioritizes over the economic well-being of the Iranian people. As the Iranian people suffer, their government and the IRGC fund foreign militants, terrorist groups, and human rights abuses," said Treasury Secretary Steven T. Mnuchin. "The United States will continue to decisively counter the Iranian regime's malign activity, including additional sanctions targeting human rights abuses. We will not hesitate to call out the regime's economic mismanagement, and diversion of significant resources to fund threatening missile systems at the expense of its citizenry."

 

 IRANIAN OIL EXPORTS 2017: 777 MB
2018, January, 5, 23:45:00

IRANIAN OIL EXPORTS 2017: 777 MB

IRNA - Iran exported some 777 million barrels of oil to Asian and European destinations in 2017, according to a report by the country's Ministry of Petroleum.

 

 U.S. WANT OIL MARKET
2017, September, 27, 13:35:00

U.S. WANT OIL MARKET

If the US were to reimpose nuclear sanctions on Iran, the Trump administration would do so in a way that would have minimal impact on the global oil market, a senior State Department official said Tuesday.

 

 U.S. - IRAN SANCTIONS
2017, September, 18, 12:20:00

U.S. - IRAN SANCTIONS

On Thursday, the administration extended certain sanctions on Iran's oil and banking sectors that have been suspended since the nuclear deal took place in January 2016.

 

 IRANIAN OIL EXPORT: 2.6 MBD
2017, August, 29, 18:05:00

IRANIAN OIL EXPORT: 2.6 MBD

Iran has exported an average of more than 2.6 million barrels of oil and gas condensate per day last month (July 23- Aug 22), Minister of Petroleum Bijan Zangeneeh said.

 

 СОТРУДНИЧЕСТВО ИРАНА, РОССИИ И ТУРЦИИ
2017, August, 16, 09:15:00

IRAN, RUSSIA,TURKEY COOPERATION

Iran, Russia and Turkey signed agreement on maintaining trilateral cooperation in developing oil and gas fields.

Tags: IRAN, OIL, SANCTIONS

Chronicle:

STABLE IRANIAN OIL
2018, February, 16, 23:15:00

DEWA INVESTS $22 BLN

AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.

STABLE IRANIAN OIL
2018, February, 16, 23:10:00

TRANSCANADA NET INCOME $3.0 BLN

TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.

STABLE IRANIAN OIL
2018, February, 16, 23:05:00

RUSSIAN NUCLEAR FOR CONGO

ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.

STABLE IRANIAN OIL
2018, February, 16, 23:00:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.

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