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2018-08-17 11:35:00

IRAN'S OIL EXPORTS DOWN

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.

The country imported 788,651 mt (5.78 million barrels or 186,452 b/d) of Iranian crude, including condensate, in July, down 49.5% from 11.44 million barrels in the same month last year.

This marks the ninth consecutive decline since November last year, when imports fell 26.8% year on year to 10.37 million barrels.

The July imports, however, edged up 5.3% from 5.49 million barrels in June.

For the first seven months of 2018, Iranian crude imports fell 36.5% year on year to 55.79 million barrels.

The sharp fall in crude imports from Iran was largely attributable to fewer condensate shipments following the startup of new condensate splitters in the Persian Gulf nation.

The decline could help South Korea get a sanctions waiver from the US for Iranian crude imports. The US has pressed Iran's oil customers, including South Korea, to completely eliminate imports by November 4.

South Korea, one of the closest allies to the US in East Asia, would be keen to abide by Washington's foreign policies as it requires full US support and influence in its quest to completely denuclearize North Korea and improve diplomatic and economic ties with Pyongyang.

Local refiners and government officials plan to meet later Thursday to discuss how to respond to the US request, according to the Ministry of Trade, Industry and Energy.

South Korea's crude imports from its biggest supplier Saudi Arabia also fell 11.6% year on year to 3.29 million mt, or 24.12 million barrels, in July. The imports were also down 25.4% from June.

In total, South Korea imported 12.89 million mt (94.48 million barrels or 3.05 million b/d) of crude in July, up 1% from 93.58 million barrels a year earlier. But the July imports were down 3.6% from June.

Over January-July, the country's crude imports rose 2.5% year on year to 651.92 million barrels.

Final oil trade data for July will be released later this month by state-run Korea National Oil Corp.

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Earlier:

 INDIA BUYS U.S. OIL
2018, August, 13, 13:35:00

INDIA BUYS U.S. OIL

PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.

 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.

 U.S. SANCTIONS FOR THE WORLD
2018, August, 8, 12:05:00

U.S. SANCTIONS FOR THE WORLD

ARAB NEWS - US President Donald Trump warned the world against doing business with Iran on Tuesday as he hailed the “most biting sanctions ever imposed,” triggering a mix of anger, fear and defiance in Tehran.

 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.”

 IRANIAN OIL FOR INDIA: №2
2018, July, 25, 09:40:00

IRANIAN OIL FOR INDIA: №2

REUTERS - India, Iran’s top oil client after China, shipped in 5.67 million tonnes, or about 457,000 barrels per day (bpd), of oil, from the country in the first three months of this fiscal year, Dharmendra Pradhan told lawmakers in a written reply.

 IRAN'S ECONOMIC COOPERATION
2018, July, 16, 10:50:00

IRAN'S ECONOMIC COOPERATION

SHANA - Dr. Hassan Rouhani, following a meeting of the heads of the three powers, stated that the vast majority of countries do not undergo US domestic laws, saying: “In the fields of energy, transportation, production and staple commodities, the country will not encounter any trouble, and we have always been victorious every time the administration and people stayed together.”

 

 

Tags: IRAN, OIL, IMPORTS, S.KOREA

Chronicle:

IRAN'S OIL EXPORTS DOWN
2018, September, 19, 13:43:00

ЦЕНА URALS: $74,45568

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IRAN'S OIL EXPORTS DOWN
2018, September, 19, 13:39:00

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IRAN'S OIL EXPORTS DOWN
2018, September, 19, 13:35:00

U.S. PRODUCTION: OIL + 79 TBD, GAS + 961 MCFD

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IRAN'S OIL EXPORTS DOWN
2018, September, 19, 13:30:00

U.S. - CHINA SANCTIONS: $60 BLN

REUTERS - Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.

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