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2018-09-26 09:15:00

IRANIAN OIL EXPORTS DOWN

IRANIAN OIL EXPORTS DOWN

REUTERS - Iranian oil exports are declining ahead of a second round of U.S. sanctions to be imposed on Nov. 4 and Iran's economy is likely to contract 3 percent this year and 4 percent in 2019, the Institute of International Finance said on Tuesday.

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.

It said crude oil and condensates exports were 2.8 mbd in April and are now estimated at 2.0 mbd in September.

The IIF said in an updated note on Iran's economy that oil exports are falling even although Iran is selling key grades at a deep discount and using its own tankers to ship products to China and India at no extra cost.

The IIF said Iranian shippers were also providing generous payment terms and, in some cases, accepting euros and Chinese yuan instead of U.S. dollars. The IIF said barter trade and cash could play a bigger role as U.S. sanctions are enforced.

The updated report comes as U.S. President Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the United Nations General Assembly on Tuesday.

The remaining parties to the 2015 Iran nuclear deal, which curbed Iran's nuclear program in exchange for sanctions relief and from which Trump withdrew the United States in May, agreed on Monday to work to maintain trade with Tehran despite skepticism this is possible as U.S. sanctions to choke off Iranian oil sales resume in November.

In a statement after a meeting of Britain, China, France, Germany, Russia and Iran, the group said they were determined to develop payment mechanisms to continue trade with Iran despite skepticism by many diplomats that this will be possible.

The European Union's plans for a "special purpose vehicle" (SPV) designed to circumvent U.S. sanctions against Iran's oil exports is deeply counterproductive, U.S. Secretary of State Mike Pompeo said on Tuesday.

Several European diplomats said the SPV idea was to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.

The IIF said such a system would likely fail to persuade major European companies to do business with Iran for fear of U.S. sanctions.

"Iran may continue to be committed to the 2015 nuclear deal providing the EU and others do the same," the IIF said. "However, failure to renegotiate the deal with the U.S. would likely bring about even deeper damage to Iran's economy," it added.

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Earlier: 

 OIL MARKET UNCERTAINTY
2018, September, 21, 10:40:00

OIL MARKET UNCERTAINTY

PLATTS - 1.4 million b/d of Iranian oil supplies to leave the market by November, when the US sanctions go into force. Venezuela, which pumped 1.22 million b/d in August could see output fall to 1 million b/d in 2019. Politically unstable Libya also presents a supply risk.

 

 OPEC-NON-OPEC DECISIONS
2018, September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

SHANA - Iran’s Minister of Petroleum Bijan Zangeneh said the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC) is not legally competent to make decisions about adjustment of production quotas.

 

 IRAN'S SUPPLIES COMPENSATION
2018, September, 17, 15:15:00

IRAN'S SUPPLIES COMPENSATION

REUTERS - Saudi Arabia, the United States and Russia can between them raise global output in the next 18 months to compensate for falling oil supplies from Iran and elsewhere, U.S. Energy Secretary Rick Perry said on a visit to Moscow on Friday.

 

 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.

 

 IEA: OIL PRICES COULD RISE
2018, September, 14, 12:40:00

IEA: OIL PRICES COULD RISE

IEA - If Venezuelan and Iranian exports do continue to fall, markets could tighten and oil prices could rise without offsetting production increases from elsewhere.

 

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

IRANIAN OIL FOR CHINA: 874 TBD

PLATTS - 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,

 

 IRAN'S OIL EXPORTS DOWN AGAIN
2018, August, 29, 10:30:00

IRAN'S OIL EXPORTS DOWN AGAIN

REUTERS - Iran’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.

Tags: IRAN, OIL

Chronicle:

IRANIAN OIL EXPORTS DOWN
2018, October, 22, 11:55:00

RUSSIA - EXXON: NEW PROJECTS

BLOOMBERG - Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country.

IRANIAN OIL EXPORTS DOWN
2018, October, 22, 11:50:00

IMF HAS UKRAINE FOR $3.9 BLN

IMF - The agreement reached today reflects the IMF’s commitment to continue to help Ukraine achieve stronger, sustainable, and inclusive economic growth. The new program has been developed in close coordination with the World Bank and the European Union, who have parallel operations to support Ukraine. The authorities’ steadfast and effective implementation will be critical for the program to achieve its objectives.

IRANIAN OIL EXPORTS DOWN
2018, October, 22, 11:45:00

UKRAINE'S GAS PRICES UP 23.5%

CNBC - Ukraine announced on Friday it would raise household gas prices by nearly a quarter as Prime Minister Volodymyr Groysman warned that the country risked default if it crashed out of its International Monetary Fund aid program.

IRANIAN OIL EXPORTS DOWN
2018, October, 22, 11:40:00

SCHLUMBERGER NET INCOME $644 MLN

Schlumberger Announces Third-Quarter 2018 Results Revenue of $8.5 billion increased 2% sequentially Pretax operating income of $1.2 billion increased 5% sequentially EPS was $0.46 Cash flow from operations was $1.8 billion Free cash flow was $1.0 billion

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