RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2018-10-01 11:25:00

IRAN'S OIL FOR CHINA DOWN

IRAN'S OIL FOR CHINA DOWN

REUTERSChina's Sinopec Corp is halving loadings of crude oil from Iran this month, as the state refiner comes under intense pressure from Washington to comply with a U.S. ban on Iranian oil from November, said people with knowledge of the matter.

The sources did not specify volumes, but based on the prevailing supply contract between the top Chinese refiner and the National Iranian Oil Company (NIOC), its loadings would be reduced to about 130,000 barrels per day (bpd).

This would be 20 percent of China's average daily imports from Iran in 2017, dealing a blow to Tehran, which has counted its top oil client to maintain imports while European and other Asian buyers wind down purchases to avoid U.S. sanctions.

The cut marks Sinopec's deepest reduction in years as the Hong Kong and New York-listed state oil company faces direct pressure from a U.S administration determined to choke off the flow of petrodollars to the Islamic Republic.

The move comes after senior U.S. officials visited the refiner in Beijing last month, demanding steep cutbacks in Iranian oil purchases, said one of the sources.

"This round is completely different from last time. Then it was more of a consultative tone, but this time it's almost like an ultimatum," said the source.

The sources declined to be identified due to the sensitive nature of the matter. Sinopec declined to comment. NIOC did not respond a Reuters email seeking comment.

Further complicating the matter, Iran is having difficulty securing insurance for its oil vessels, said shipping and insurance sources, as most European and U.S.-based re-insurance firms are winding down their Iranian business.

Chinese buyers, including Sinopec and state-run trader Zhuhai Zhenrong Corp, have since July shifted their cargoes to vessels owned by National Iranian Tanker Co (NITC) to keep supplies flowing amid the reinstatement of economic sanctions by the United States.

During the last round of United Nations sanctions around 2011, officials from Washington asked Chinese firms to curb investments in Iranian oil and gas fields, but stopped short of demanding a full stop to oil shipments.

It's not clear if Zhuhai Zhenrong has also reduced loadings this month. The state trader is contracted to lift some 240,000 bpd from Iran, mainly to feed Sinopec refineries.

It's also not clear if Sinopec and PetroChina are cutting loadings from their upstream investment in key Iranian oilfields that total between 100,000 to 150,000 bpd. These loadings are separate from their annual supply contracts.

Beijing has repeatedly defended its energy trade with Tehran, worth about $1.5 billion a month, as transparent and lawful. Some of the top oil refineries that come under Sinopec are configured to process Iranian oil.

 -----

Earlier: 

 IRANIAN OIL EXPORTS DOWN
2018, September, 26, 09:15:00

IRANIAN OIL EXPORTS DOWN

REUTERS - Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said.

 THREATS FOR IRANIAN OIL
2018, September, 26, 09:10:00

THREATS FOR IRANIAN OIL

SHANA - Iran’s OPEC governor Hossein Kazempour Ardebily said regarding the current market conditions and the production level of the producing countries in or outside of the Organization of the Petroleum Exporting Countries (OPEC), threats to bring Iran’s oil exports are not practical.

 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.

 IRANIAN OIL FOR CHINA: 874 TBD
2018, September, 7, 12:09:00

IRANIAN OIL FOR CHINA: 874 TBD

MEOG - China's crude imports from Iran are likely to have peaked in August at 874,000 b/d ahead of the looming re-imposition of US sanctions in November,

ЭКСПОРТ ИРАНСКОЙ НЕФТИ В ИНДИЮ: 2,82 МЛН. Т.
2018, August, 1, 09:25:00

IRANIAN OIL EXPORTS 2.3 MBD

SHANA - Iran exported an average of 2.3 million barrels per day of crude oil to Asian and European countries during the four months. This is while exports for last calendar year's corresponding period stood at 2.115 mbd.

 THE DIFFICULT IRANIAN SANCTIONS
2018, July, 25, 09:45:00

THE DIFFICULT IRANIAN SANCTIONS

OGJ - “Russia already has improved its relations with Iran. Given its foreign policy stance toward the US, this could grow if it believes it would undermine the US position. Russia is taking a long-term view. It sees several obstacles, which it is determined to overcome.”

 IRAN'S OIL FOR INDIA DOWN BY 15.9%
2018, July, 11, 09:10:00

IRAN'S OIL FOR INDIA DOWN BY 15.9%

REUTERS - In June, India imported 592,800 barrels per day (bpd) of oil from Iran compared to 705,200 bpd in May, the data showed. The sources declined to be identified.

 

 

Tags: IRAN, OIL, CHINA
Chronicle:
IRAN'S OIL FOR CHINA DOWN
2021, September, 17, 11:47:00
ENERGY TRANSITION TO CARBON NEUTRALITY AS A FACTOR OF UNPRECEDENTED ACCELERATION OF GLOBAL WARMING
The article reveals the reasons for the unprecedented acceleration of global warming, which was reported by the IPCC in the report "Climate Change 2021", offers proposals for their elimination, as well as for eliminating their consequences.
IRAN'S OIL FOR CHINA DOWN
2021, September, 17, 11:45:00
NO NUCLEAR FOR SPAIN
Under Spain's nuclear phase-out policy, its nuclear fleet is scheduled to shut down by 2035.
IRAN'S OIL FOR CHINA DOWN
2021, September, 17, 11:40:00
WIND ENERGY FOE CHILE 980 MW
The US$700m project, which is expected to generate 2 TWh/year, will include 140 turbines with a maximum power of 7 MW.
IRAN'S OIL FOR CHINA DOWN
2021, September, 17, 11:35:00
U.S. OIL INVENTORIES DOWN BY 6.4 MB TO 417.4 MB
U.S. commercial crude oil inventories decreased by 6.4 million barrels from the previous week to 417.4 million barrels.
IRAN'S OIL FOR CHINA DOWN
2021, September, 16, 14:00:00
OIL PRICE: ABOVE $75
Brent was up 11 cents, or 0.2%, to $75.57 a barrel, WTI was up 11 cents, or 0.2%, to $75.57 a barrel.
IRAN'S OIL FOR CHINA DOWN
2021, September, 16, 13:50:00
EUROPEAN CLIMATE ADAPTATION
Adaptation measures include flood prevention measures and renovating buildings to make them more resilient to extreme temperature. The changes required vary across the continent, but recent events have shown that climate change poses a threat to Europe’s cities.
IRAN'S OIL FOR CHINA DOWN
2021, September, 16, 13:45:00
GAS IS A KEY
Despite adaptations of new fuels and technologies to help achieve the net-zero goal, natural gas will continue to play a vital function for the foreseeable future.
All Publications »