2019-04-29 11:40:00
IRAN, CHINA OIL 543 TBD
PLATTS - China's crude oil imports from Iran hit a seven-month high in March of 2.3 million mt, or 543,367 b/d, before the expiry of its waiver on the US' sanctions against Iran, the latest data from the General Administration of Customs showed.
The highest previous monthly level was 3.28 million mt, recorded in August.
The March volume rose 6.2% from February on a barrels-per-day basis, despite dropping by a quarter from the same month of last year.
The White House announced Monday that the US would end all waivers from Iran oil sanctions when they expire May 2.
Meanwhile, crude shipments from Venezuela fell 42% on the year to 1.06 million mt, which was the lowest level since October, when the crude flow was at 928,106 mt.
China did not import US-origin crude oil in March after taking its first cargo since December in February, which was 85,841 mt.
But the inflow is expected to rebound significantly in April as refiners from both the state-run and independent sectors have US crude arrivals coming.
Supplies from Saudi Arabia hit an all-time high of 7.33 million mt (1.73 million b/d) in March, making the kingdom the top crude supplier to China in both March and the first quarter.
The inflow from Saudi Arabia jumped 59% from a year ago and 37% higher than the 5.35 million mt from Russia in the same month.
During January-March, China imported 5.84 million b/d of crude from OPEC, up 17% year on year to expand its market share by almost 5 percentage points to 59.2%.
However, the volume from North America shrank 90% year on year to 32,574 b/d in the first two months due to the sharp drop in US crude arrivals.
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Earlier:
2019, April, 26, 11:25:00
OIL PRICES 2019-20: $66 - $65
Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020,
2019, April, 24, 11:30:00
OIL MARKET IS FINE
The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.
2019, April, 24, 11:25:00
OIL PRICE: OPEC + IRAN
OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.
2019, April, 24, 11:20:00
OIL PRICE: OPEC + RUSSIA
the risk of oil prices heading well above $70/b to the oil market and the global economy, while also saying that if prices were too low it would hit investment in the industry and key oil producing countries.
2019, April, 24, 11:15:00
CHINA AGAINST IRAN SANCTIONS
China is resolutely opposed to the United States enforcing unilateral sanctions or “long armed jurisdiction”, Geng Shuang, a ministry spokesman, told a daily news briefing.
2019, April, 24, 11:00:00
U.S., IRAN SANCTIONS
Oil futures settled at fresh six-month highs Monday as the market looked at an increasingly tight global supply picture in light of the White House decision. ICE June Brent settled up $2.07/b at $74.04/b, and NYMEX May WTI settled $1.70/b higher at $65.70/b. Monday marked the highest front-month settle for both contracts since late October, just before the US sanctions snapped back.
2019, April, 10, 11:05:00
IRAN'S OIL RECOVERY
PLATTS - Iranian oil exports, which have been laboring under US sanctions since late last year, have recovered close to prior levels, supported by unflinching demand from China and South Korea, data from shipping sources and provisional tanker tracking data showed Tuesday.
