Iranian Officials Say Condensate and Fuel Oil on Ships
As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil. The millions of barrels on ships could be delivered quickly to Iran's customers once sanctions are lifted and some traders believe a substantial part is crude, making them concerned about its impact on a global market already suffering a supply glut. "There is no crude oil in our floating storage, only condensate and fuel oil," said one of the officials, who declined to be identified due to company policy. Another official also said no crude was being stored. World powers and Iran reached a landmark deal last week…
Iran: Condensate, Fuel Oil Stored Afloat
Iran says it is storing condensate and fuel oil, not crude; some traders believe crude is being stored. As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil. The millions of barrels on ships could be delivered quickly to Iran's customers once sanctions are lifted and some traders believe a substantial part is crude, making them concerned about its impact on a global market already suffering a supply glut. "There is no crude oil in our floating storage, only condensate and fuel oil," said one of the officials, who declined to be identified due to company policy. Another official also said no crude was being stored.
Oil Slips on OPEC Output, China Slowdown
China's crude imports down 23 pct in May; OPEC oil production likely to continue to exceed demand. Oil prices slipped on Monday on news of a slide in China's fuel imports and as markets digested OPEC's decision to maintain its production target, which analysts said could prolong a supply glut for the rest of the year. China, the world's biggest net oil importer, bought nearly a quarter less crude in May than it did in the previous month, official data showed. China's imports of oil products also fell by more than 6 percent while oil product exports fell 10 percent. The Chinese data came after the Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday to maintain oil output at levels well above current demand…
