09262018Wed

OPEC Production

Iran Focus

London, 25 Sep - In the coming days, the Organization of the Petroleum Exporting Countries (OPEC) will hold a meeting in Algiers to assess the current state of the oil market and decide their next steps, with Iran being a major concern due to US sanctions that aim to drive Iran’s oil exports to zero.

The obvious solution is for OPEC to allow its members to increase their production levels to make up for the loss in Iranian oil, but Iran’s oil minister has claimed that he will block any attempt at this.

Iranian Oil Exports

Iran Focus

London, 22 Sep - In April, a month before US President Trump announced America’s exit from the Iran nuclear deal — more formally known as the Joint Comprehensive Plan of Action (JCPOA) — and the re-imposition of sanctions, Iranian oil exports dropped by 35 per cent. In August, the first round of sanctions against Tehran went into effect. The next round of sanctions are expected to be the toughest in history.

Bloomberg reports that Iran’s oil exports have already dropped substantially, causing “severe economic damage” to Iran.

India-oil imports

Iran Focus

London, 17 Sep - Indian oil refiners will reduce their monthly imports of crude from Iran by roughly half for the months of September and October as the country tries to obtain waivers from US sanctions targeting Iran that are due to go into place in November.

India’s oil imports from Iran will drop to less than 12 million barrels in September, and again in October, after four months of increased purchases in anticipation of the reduction.

India is Iran’s second-biggest oil importer behind China, and does not recognise the US sanctions, but will still have to obey them, if it is unsuccessful in getting a waiver, or risk being cut off from the US financial system. The waivers won’t be easy to get either.

Iran oil

Iran Focus

London, 20 Sep - The island nation of Sri Lanka has stopped its crude imports from Iran and is switching to other sources, according to Petroleum Resources Development Minister Arjuna Ranatunga.

Minister Ranatunga told reporters in Fujairah, the United Arab Emirates that Sri Lanka stopped importing Iranian crude as soon as US sanctions were announced.

He said: “We didn’t buy [directly] from Iran. We buy from Singapore, Dubai, Fujairah. We’re looking at signing government-to-government agreements over the next couple of months. We’re looking at long-term agreements.”

Iran-Oil-U.S.-Sanctions

Iran Focus

London, 15 Sep - According to shipping data and industry sources, after South Korea halted imports from Iran and China's demand dropped, two tankers carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the United Arab Emirates since August.

As re-imposed sanctions loom, Iran is facing heavy pressure. Washington is attempting to bring Iranian oil exports down to zero and force Tehran to re-negotiate the nuclear deal, which the US abandoned last May.

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