Iran Economy NewsAsian Oil Refiners Seeking Alternatives to Iranian Oil

Asian Oil Refiners Seeking Alternatives to Iranian Oil

-

Asian oil refiners seeking alternatives to Iranian oil

Iran Focus

London, 12 July – Oil refineries in Asia are now seeking alternatives to Iranian oil from the other Middle Eastern oil-producing countries following the US’s announcement that they would be renewing sanctions on Iran and not issuing waivers, according to Kuwait Petroleum Corp (KPC) Chief Executive Officer Nizar al-Adsani.

Al-Adsani, who spoke to Reuters at an event in Beijing on Monday, said that KPC has increased its output by 85,000 barrels per day (bpd) in order to meet its commitment in an agreement by the Organization of the Petroleum Exporting Countries (OPEC), which also includes Saudi Arabia, the United Arab Emirates and Iraq, but that output may rise again if OPEC agrees.

He said: “There is a demand now … as sanctions are implemented on Iran … Some of the companies are trying to find other options other than Iran, be it the kingdom (Saudi Arabia), Emirates, Iraq or Kuwait.”

Kuwait’s Oil Minister Bakheet al-Rashidi said that he did not anticipate any further OPEC meetings on oil output before December.

He said: “The market is stable enough, we’ll be producing more than enough to stabilize (the oil) market.”

These comments come after a meeting last month, during which OPEC members and non-OPEC members (i.e. Russia) agreed to increase their oil exports by roughly 1 million bpd from July to make up for the shortfall caused by sanctions on Iran.

This increased production, which is encouraged by the US, China, and India, will prevent an oil deficit and climbing oil prices.

Why is the US putting sanctions on Iran’s oil exports?

When the US pulled out of the 2015 nuclear deal, otherwise known as the Joint Comprehensive Plan of Action (JCPOA), on May 8, Donald Trump promised to reinstate Obama-era sanctions on Iran, including on their oil.

This was designed to put financial pressure on Iran, whose economy is already crumbling due to years of corruption and mismanagement, in order to bring them back to the negotiating table for a better deal or bring the mullahs to their knees so that the Iranian people could rise up and end the Ruling System that they hate.

That is why Trump has already been levelling new non-nuclear sanctions against Iran for things like human rights abuses and support of terrorism.

The US’s actions are already encouraging the Iranian people’s uprising, which has been going on since December, but has peaked in recent weeks. So if the US keeps up the sanctions and if other countries come on board, as many Gulf countries have promised to, then we could soon see a new non-nuclear Iran.

Latest news

Desperation and Unemployment Are Causing High Suicides Rates Among Youths in Iran

The sharp focus has recently been turned on Iran, once again, because of many bitter events. One such event...

Outcome of Iran Regime’s Corruption, High Number of Deaths in Natural Disasters

Sometimes numbers lose their mathematical meaning and become heralds of disasters. The number of 200 deaths in the village...

Iran Regime’s Oil Revenue Supports Terrorism

On August 2, John Kirby, the US National Security Council Coordinator for Strategic Communications at the White House, stated...

From Flash Floods to Socioeconomic Crises, Iran’s Regime Leaves Destruction in Its Wake

During the trial of Hamid Noury, one of the Iranian regime’s perpetrators in the 1988 massacre, the victims and...

Iran’s Regime Faces a Critical Infiltration Crisis

One of the main challenges faced by the Iranian regime over the past couple of years is the top-level...

Iran: The Unseen Threats of Reviving the JCPOA

In a recent announcement, the Iranian regime has admitted that is considering building a new ‘research reactor’ at its...

Must read

Iranian-American sentenced in Iran smuggling plot

Reuters: A U.S. judge has sentenced an aviation company...

Tanker Crisis Signals Iran’s Weakness

By Jubin Katiraie An Iranian oil tanker bounces across...

You might also likeRELATED
Recommended to you