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2018-08-29 10:30:00

IRAN'S OIL EXPORTS DOWN AGAIN

IRAN'S OIL EXPORTS DOWN AGAIN

REUTERSIran's crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017, well ahead of the Nov. 4 start date for a second round of U.S. economic sanctions.

The United States has asked buyers of Iranian oil to cut imports to zero starting in November to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East.

The total volume of crude and condensate, an ultra-light oil produced from natural gas fields, to load in Iran this month is estimated at 64 million barrels, or 2.06 million barrels per day (bpd), versus a peak of 92.8 million barrels, or 3.09 million bpd, in April, preliminary trade flows data on Thomson Reuters Eikon showed.

The National Iranian Oil Co has slashed its crude prices to keep buyer interest amid the August export drop. It has set the official selling price (OSP) for Iranian Heavy crude for September loading at the biggest discount since 2004, according to Reuters and trade data.

Iran is currently the third-largest producer among the members of the Organization of the Petroleum Exporting Countries and benchmark oil futures traded in London have surged to their highest since June in anticipation of the loss of Iranian supply.

Imports by its key customers have all dropped in August as some buyers, banks and insurance companies have already suspended dealings in Iranian oil.

Loadings bound for top customer China are set to fall to 18.4 million barrels in August, from 24 million barrels in July which was its highest monthly volume this year, the data showed.

China has switched to using Iranian tankers to deliver the country's crude since July to side-step the sanctions and sustain Iranian oil imports until at least October.

The volume of oil heading to India is 8.2 million barrels, down from more than 20 million barrels in each month since April.

Exports to India could still rise as the destination for about 11 million barrels of Iranian oil loading this month are yet to be identified.

Japan-bound loadings have been scaled back to 3.4 million barrels in August, down for a second straight month. Japanese refiners are expected to load their last Iranian oil by mid-September so they will arrive in Japan before November.

Iran has not loaded any oil bound for South Korea since July.

Cargoes loading for Europe have been falling from a peak of 22.2 million barrels in March down to about 12 million barrels in August, the data showed.

European companies such as France's Total are walking away from Iran for fear of triggering U.S. sanctions although Iran's president has urged the remaining signatories to its 2015 nuclear agreement to save the pact.

The United States withdrew from the agreement in May and ordered the renewed sanctions, the first of which went into effect on Aug. 7.

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Earlier:

 IRAN'S ECONOMY DIFFICULTIES
2018, August, 27, 14:25:00

IRAN'S ECONOMY DIFFICULTIES

ARAB NEWS - One of the key markers of Iran's economic crisis has been the collapse in the currency, which has lost around half its value since April.

 

 IRANIAN OIL TO S.KOREA DOWN TO 46%
2018, August, 27, 14:20:00

IRANIAN OIL TO S.KOREA DOWN TO 46%

PLATTS - South Korea's crude oil imports from Iran dropped 45.8% year on year in July in the wake of the re-imposition of US sanctions, while intakes from Kazakhstan, the US and Mexico jumped as alternative sources.

 

 U.S. - IRAN SANCTIONS
2018, August, 27, 14:15:00

U.S. - IRAN SANCTIONS

REUTERS - The lawsuit filed with the ICJ says the U.S. sanctions, which are damaging the already weak Iranian economy, violate terms of a little-known friendship treaty between the two countries.

 

 IRAN'S OIL EXPORTS DOWN
2018, August, 17, 11:35:00

IRAN'S OIL EXPORTS DOWN

PLATTS - South Korea's crude oil imports from Iran halved in July from a year earlier in the wake of the reimposition of US sanctions, according to preliminary data released by the Korea Customs Service Thursday.

 

 IRAN VS OPEC QUOTAS
2018, August, 10, 10:35:00

IRAN VS OPEC QUOTAS

PLATTS - Saudi Arabia pumped 10.63 million b/d in July, according to the latest S&P Global Platts OPEC survey, far above its quota of 10.06 million b/d, though kingdom officials say their July output was 10.29 million b/d. Russia produced 11.22 million b/d in July, according to official data, basically erasing its 300,000 b/d pledged cut.

 IRAN'S DEVELOPMENT BY GAZPROM
2018, July, 25, 10:00:00

IRAN'S DEVELOPMENT BY GAZPROM

SHANA - A non-disclosure agreement was signed last year between Iran's OIEC and Russia's Gazprom Neft for the development of the Azar and Changuleh oil fields. The agreement was endorsed by the National Iranian Oil Company (NIOC).

 

 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.”

 

 

 

Tags: IRAN, OIL, EXPORTS

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SAUDI - INDIA'S DOWNSTREAM

MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.

IRAN'S OIL EXPORTS DOWN AGAIN
2018, October, 17, 10:05:00

U.S. IN EUROPE

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IRAN'S OIL EXPORTS DOWN AGAIN
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IRAN'S OIL EXPORTS DOWN AGAIN
2018, October, 17, 09:55:00

PETROBRAS - CNPC COOPERATION

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