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2018-10-15 12:05:00

IRAN - S.KOREA OIL DOWN ANEW

IRAN - S.KOREA OIL DOWN ANEW

PLATTSSouth Korea imported no Iranian crude in September -- for the first time since September 2012 -- ahead of the looming reimposition of US sanctions on Tehran, preliminary data released by Korea Customs Service showed Monday.

Register Now In August, Hanwha Total was South Korea's sole importer of Iranian barrels, taking 2 million barrels of South Pars condensate, down 84.2% from the total 12.63 million barrels of crude and condensate that South Korea imported from Iran in August last year.

Hanwha Total has long been Asia's biggest buyer of South Pars condensate. As part of its efforts to make up for the loss of Iranian barrels, it increased imports of Australia's NW Shelf condensate to 1.95 million barrels in August from around 500,000 barrels in previous months.

Hanwha Total has also tested South Arabia's Khuff condensate and may consider purchasing the Saudi grade on a more regular basis, but has yet to find long-term alternative sources, market sources said.

The company has also said it could directly purchase naphtha, as it imports condensate as feedstock for producing naphtha, which means Hanwha Total could sharply reduce condensate purchases.

SK Innovation, South Korea's other main buyer of Iranian crude, imported none in September for the second consecutive month. Instead, it has increased crude imports from Kuwait, Saudi Arabia and the US, including White Cliff crude and Eagle Ford.

Hyundai Oilbank, which has purchased South Pars condensate and other Iranian grades such as Iran Heavy and Forozan in the past, has suspended Iranian crude imports since August while increasing purchases of Forties from the UK and the ESPO from Russia.

Over January-September, South Korea's imports of Iranian crude oil almost halved to 58.2 million barrels from 115.56 million barrels in the same period a year earlier.

In 2017, Iranian crude oil imports rose 32.1% on year to 147.87 million barrels. Its monthly imports of Iranian crude had increased from January 2016, when the US and EU lifted sanctions on Iran.

South Korea's imports of Iranian barrels have fallen steadily since last November, when its imports from Iran fell 26.8% on year to 10.37 million barrels, as it pares back shipments in a bid to secure an exemption to the US' reimposition of sanctions on Tehran.

The US has pressed Iran's oil customers, including South Korea, to eliminate imports by November 4.

South Korea, one of the closest allies to the US in the Asia Pacific, requires US support and influence in its quest to denuclearize North Korea and improve diplomatic and economic ties with Pyongyang.

Meanwhile, South Korea's crude oil imports from its biggest supplier Saudi Arabia fell 11% year on year to 3.41 million mt, or 25 million barrels in September, and were down 13% from August.

South Korea imported a total 10.83 million mt or 79.38 million barrels (2.65 million b/d) of crude oil in September, down 14.7% from 93.09 million barrels a year earlier.

It was the second consecutive month of decline on a year-on-year basis amid rising global crude prices. September imports were also down 16.4% from 94.99 million barrels in August.

Over January-September, total crude imports edged down 0.3% on year to 828.47 million barrels.

In 2017, the country imported a total 1.118 billion barrels of crude oil, up 3.7% from 2016.

Finalized oil trade data for September is slated for release later this month.

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Earlier:

Iran Sanctions
2018, October, 8, 11:20:00

СТАБИЛЬНАЯ ЦЕНА НЕФТИ

МИНЭНЕРГО РОССИИ - Министр отметил, что Россия выступает за то, чтобы Иран как крупнейшая страна-экспортер энергоресурсов оставался участником рынка. "Мы не приемлем односторонних санкций, которые не соответствуют решениям ООН. Безусловно, нужно с юридической точки зрения оценивать дальнейшие возможности и механизмы взаимодействия с Ираном, чтобы наши компании не понесли ущерба», - отметил Министр.

 
 Iran Sanctions
2018, October, 8, 10:40:00

RUSSIAN - IRANIAN PROSPECTS

SHANA - In sum, Iran and Russia know what to do under the current circumstances…We have good prospects for cooperation. The five committees that were set up between Iran and Gazprom met in Tehran and drew up minutes. Committees and their members were identified, and now there is a relationship between the two countries in terms of technology transfer. Gazprom is interested in investing in Iran's oil and gas sector.

 Iran Sanctions
2018, October, 8, 10:35:00

INDIA WILL BUY IRANIAN OIL

REUTERS - India will buy 9 million barrels of Iranian oil in November, two industry sources said, indicating the world’s third-biggest oil importer will continue purchasing crude from the Islamic republic despite U.S. sanctions coming into force on Nov. 4.

 Iran Sanctions
2018, October, 4, 14:45:00

ЦЕНА НЕФТИ: $65 - $75

МИНЭНЕРГО РОССИИ - «Сейчас рынок пытается достичь баланса цен, который будет отвечать как интересам производителей, так и потребителей. И этот уровень, вероятно, чуть ниже, чем тот, что мы видим сейчас. На основной панели Российской энергетической недели президент Владимир Путин говорил о диапазоне $65-75 за баррель, который, с одной стороны, приемлем для производителей и потребителей, с другой - время позволяет возвращать деньги в отрасль для ее стабильного дальнейшего развития», - пояснил Александр Новак.

 Iran Sanctions
2018, October, 3, 08:40:00

IAEA - IRAN AGREEMENT

IAEA - The Agency’s verification activities in Iran are being carried out based on the Comprehensive Safeguards Agreement (CSA) concluded with Iran and the Additional Protocol, that Iran is provisionally implementing. In addition, the Agency is also carrying out verification and monitoring of Iran’s nuclear-related commitments under the Joint Comprehensive Plan of Action (JCPOA).

 Iran Sanctions
2018, October, 1, 11:20:00

IRANIAN OIL MONEY UP

SHANA - The National Iranian Oil Company (NIOC) CEO explicitly said his company, the sole producer of hydrocarbons in Iran, had no plans to reduce its output.

 

IRAN'S OIL TO S.KOREA DOWN 86%
2018, September, 17, 15:10:00

IRAN'S OIL TO S.KOREA DOWN 86%

PLATTS - South Korea's crude oil imports from Iran plunged 86.5% in August from a year earlier due to pending re-imposition of US sanctions on Tehran, according to preliminary data released by the Korea Customs Service Monday.

 

 

Tags: IRAN, S.KOREA, OIL, USA, SANCTIONS

Chronicle:

IRAN - S.KOREA OIL DOWN ANEW
2018, November, 19, 11:20:00

U.S. SECURITIES OUTFLOW $29.1 BLN

U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

IRAN - S.KOREA OIL DOWN ANEW
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

IRAN - S.KOREA OIL DOWN ANEW
2018, November, 19, 11:10:00

GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

IRAN - S.KOREA OIL DOWN ANEW
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

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