rss icon Subscribe
desktop mobile

Iran's Crude Exports Dip to 14-month low

File Image (CREDIT: AdobeStock / (c) Carabay)

Joseph Keefe

Iran's crude exports to hit 14-month low; May exports to total 1.66 mln bpd in May.

Iran's crude oil exports are set to hit a 14-month low in May, a person with knowledge of the Middle Eastern country's tanker loading schedule said, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers.
Part of the drop may also be attributable to a decline in demand, as loadings bound for India are set to slump to a one-year low after a dispute over the award of a contract for a gas field and Japan's orders fall by more than half from April.
Iran is also putting about 3 million barrels back into storage in May, according to the source, underlining how much oil remains available in the market despite an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers to cut output and boost prices.
Crude oil loadings from Iran are expected to total nearly 1.7 million barrels per day (bpd) in May, with almost 100,000 bpd being put into storage on tankers, according to the source.
Loading figures for condensate, an ultra-light crude, were not available for May.
In April, the country is expected to export 1.8 million bpd of crude and a little over 370,000 bpd of condensate, down sharply from a six-year high of nearly 2.9 million bpd reached in February for both forms of oil.
In March, Iran loaded around 2.6 million bpd a day of both crude and condensate, mostly the former, according to the source. No barrels of either crude or condensate were put in storage in March and April.
The final figures for February exports were significantly higher than preliminary numbers reported earlier by Reuters and show Iran took full advantage of its exemption from the production cuts by OPEC and non-OPEC producers, including Russia.
Still, Indian buyers are cutting purchases after state-owned refiners agreed to cut their annual imports deal with Iran by a fifth to put pressure on Tehran to award the Farzad B gas field to an Indian consortium.
Crude liftings for India in May are expected to about 370,000 bpd, while in April Indian customers are lifting nearly 470,000 bpd of both crude and condensate.
Japan is scheduled to lift nearly 40,000 bpd in May, the lowest since March.
Loadings of crude and condensate for China this month are to hit a four-month low of a little over 500,000 bpd.
Reporting by Osamu Tsukimori and Aaron Sheldrick

Apr 21, 2017



Sharp Contrasts in Markets Impact Van Oord

Photo: Van Oord

The year 2017 was dominated by the difficult market conditions in the dredging and oil & gas

Ontario Accepts Damen’s Electric Ferry Proposal

Left to right: Mark Gerretsen, MP for Kingston and the Islands; Leo Postma, Sales Manager, Damen Shipyards Gorinchem; Sophie Kiwala, Member of Provincial Parliament; Mike Bossio, MP of Hastings-Lennox and Addington (Photo: Damen)

The Government of Ontario has accepted Damen’s proposal to build two ferries with full electric

ABB to Equip AET's New Shuttle Tankers

(Image: ABB)

ABB said it has won an order from Korean shipbuilder Samsung Heavy Industries to equip two new 125


GustoMSC Evolves Chela the "Smart" Crane


Nearly two years ago GustoMSC introduced a smart crane for lifting and wireline operations under

Chinese Diesel to be Shipped 'west' in VLCC

File Image (CREDIT: AdobeStock / (c) Carabay)

Newly built vessel to load from Tianjin refinery a cargo of10ppm sulphur diesel meeting summer

AISUS Bags Contract in the Middle East

AISUS - Stuart Lawson credit AISUS

Offshore inspection company AISUS  announced its first major contract win in the Middle East with

Maritime Apps