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

 

Contracts

Kalmar Delivers RTGs to Evergreen

Pic: Kalmar

Kalmar, part of Cargotec, has successfully delivered five rubber-tyred gantry (RTG) cranes to

COSCO Singapore Wins FSRU Deal

Photo: Cosco Shipyard

Cosco (Qidong) Shipyard Co, a subsidiary of Cosco Corp's 51 per cent subsidiary Cosco Shipyard

Diana Shipping Adds m/v Astarte

Photo: Diana Shipping Inc

Diana Shipping, a company specializing in the ownership of dry bulk vessels, has announced that

Energy

DNV GL Rolls Out Forecasting Platform

Image: DNV GL

DNV GL has announced its launch of Forecaster NOW, the industry’s first forecast on-demand web

Angelle Named Director of BSEE

Former Louisiana state official Scott A. Angelle will head-up the Bureau of Safety and Environmental Enforcement (BSEE). As part of the Department of the Interior

With New Project, BP Breathes Life into North Sea

BP has started production at an oilfield in the North Sea after a $5.7 billion redevelopment, one of the largest such projects there in recent years that will breathe new life

Maritime Apps