Iran's Oil Exports Fall in May, when US Quit Nuclear Deal
Iran's crude oil exports have declined slightly in May, according to estimates from a leading tanker-tracking company, in the first sign that the threat of U.S. sanctions may be deterring buyers.The estimates from Geneva-based Petro-Logistics also suggest Iranian oil buyers are not rushing to cut volumes from OPEC's third-largest producer. The U.S. sanctions have a 180-day period during which buyers should "wind down" purchases.U.S. President Donald Trump on May 8 said the United…
Danish Delegation in Iran Eyes Shipping, Energy Deals
Danish companies are eyeing a series of energy and shipping projects in Iran following a visit this week by the country's foreign minister, local news agencies and officials said on Tuesday. The Danish foreign ministry said its minister, Kristian Jensen, travelled to Tehran with a delegation representing 58 companies on Monday and that exports could increase by 500 million Danish crowns ($72 million) once sanctions against Iran's nuclear programme are lifted. News agency Shana cited Iranian Petroleum Minister Bijan Zanganeh as saying Danish companies were interested in developing oil fields in the Caspian Sea including the South Pars gas field, which also produces condensates. Global conglomerate A.P. Moller-Maersk is in the oil industry through its Maersk Oil unit.
Oil Prices Rally On Tight Supplies
Crude oil prices bolted higher early last week as traders returned from a long holiday weekend to indications that exporting countries may extend the supply cuts which have helped double petroleum prices this year. Crude oil for delivery in February closed 46 cents higher at $26.33 a barrel on the New York Mercantile Exchange, but still failed to lift shares of companies such as Exxon Mobil Corp. and Chevron Corp. in stock market trading. Indeed, the Standard & Poor's index of international oil companies dropped 30.77 points, or more than three percent, to 950.48, while the broader S&P 500 lost 1.24 points, or 0.09 percent, to 1,457.10. In a quiet U.S.
Iran Makes $100 B Oil Find, Major Companies Compete For Big Deals
Iran announced its biggest oil find in 30 years last week, a 26-billion barrel field discovered just as the country drives to revive exploration activities and foreign firms compete for big deals. Oil Minister Bijan Zanganeh said the oilfield in the prolific southwest Khuzestan province has the potential to produce up to 400,000 bpd. He said that development on the field, which is close to the Iraqi border, will start by the end of March 2001 and could earn revenues of some $100 billion given current estimates of recoverable reserves. The massive discovery by the National Iranian Oil Company comes under renewed Iranian efforts to rejuvenate exploration activities in a country with the world's second largest natural gas reserves and fifth biggest oil reserves.
S.Korea Plans to Boost Iran Oil Imports
South Korea plans to boost imports of Iranian oil, especially condensate, this year to meet growing demand after sanctions on the Islamic nation were lifted in January. The world's fifth largest importer of crude is also a big buyer of condensate, a super light oil that can be processed into fuels and petrochemicals. Iran's return would help ease tight condensate supply in a market dominated by fellow OPEC producer Qatar. "We will increase oil and natural gas (liquids) imports from Iran, especially Iranian condensate," South Korea's trade and energy ministry said on Tuesday. Iran is exporting 100,000 barrels of oil a day to South Korea, one of its main crude customers, and hopes to double that figure by the end of 2016, Oil Minister Bijan Zanganeh was quoted as saying on Monday.
PanCanadian Petroleum Ltd., Canada's No. 2 oil company, could soon be on track to develop an East Coast offshore gas project to rival the huge Sable Island project, its chief executive said. PanCanadian, the oil and gas arm of conglomerate Canadian Pacific Ltd., plans to drill two appraisal wells this year near its recent Deep Panuke gas discoveries, made at the site of the exhausted Copan oil project off Nova Scotia. The wells will give the company the geological data it needs to decide whether to pursue more drilling or full development, PanCanadian CEO David Tuer said. Two recent wells drilled into the gas formation beneath the old oil reservoir tested at more than 50 million cubic feet a day each.
Iran Hopes to Raise March Oil Exports
Iran, OPEC's No. 3 producer, is expected to raise its oil exports in March to around 1.65 million barrels per day from 1.5 million bpd a month earlier on the back of higher crude shipments to Europe, two industry sources told Reuters on Thursday. State-run National Iranian Oil Co. (NIOC) is expected to ship around 250,000-300,000 bpd to Europe this month after it finalised term deals with France's Total and Spanish refiner Cepsa, effective from March 1, said the sources, who are familiar with Iran's exports. The French oil major has a contract to buy about 200,000 bpd, while Cepsa's deal was for about 35,000 bpd, one source said. Total is expected to lift at least 5 million barrels in March, the source added.
Russian Oil Minister Says to Help Iran Sell Oil
Russia will help Iran to arrange shipments of its oil to markets, Russian Energy Minister Alexander Novak said on Tuesday. "Based on Iran's proposal, we will participate in arranging shipments of crude oil, including to the Russian market," he said in a statement after signing a five-year memorandum of understanding with his Iranian counterpart Bijan Zanganeh in Moscow. Neither Novak nor the memorandum gave any details on timing or possible volumes. Novak said the deal between the two sanction-hit countries would not violate international obligations. (Reporting by Katya Golubkova; Editing by Erica Billingham)
Oil at 10-month Low after Biggest First Half Slide in 20 Years
Oil prices ended down more than 2 percent on Wednesday after hitting a 10-month low in volatile trade, as growing U.S. production and reduced Chinese refinery activity fed mounting concern over the stubborn global crude glut. U.S. crude futures settled at $42.53, down 98 cents or 2.3 percent, after touching a low of $42.13, the lowest intraday level since August 2016. Since peaking in late February, crude has dropped more than 20 percent, with only brief rallies. More than 1 million front-month crude contracts changed hands on Wednesday, far exceeding the daily average of 560,000 contracts.
First Iranian Ship Storing Oil Sails for Asia After Nuclear Deal
An Iranian supertanker with two million barrels of oil is heading to Asia after sitting in Iranian waters for months, the first vessel storing crude offshore to sail after a nuclear deal this week, data showed on Thursday. Iran and six major world powers reached a landmark nuclear deal on Tuesday, clearing the way for an easing of international sanctions on Tehran and higher oil exports. While oil analysts do not expect Iran to make a major return to the market until next year, it has been parking millions of barrels of oil on tankers for months. The fully laden Starla, operated by Iran's top tanker group NITC, had been used for floating storage since Dec. 12, 2014, a tanker tracking source said. "This is the first tanker to come off floating storage," the source said.
Economy, Demand Data Drives Oil Down
World oil prices resumed a months-long rout on Tuesday to close at their lowest in more than two years, pressured by reduced economic and demand growth forecasts. U.S. crude oil prices fell faster than European Brent, reversing a weeks-long compression in the Brent/WTI spread amid signs that U.S. refiners are starting to buy cut-priced West African or Mediterranean crudes, re-opening a once common arbitrage. The International Monetary Fund cut its global economic growth forecasts for the third time this year, warning of weaker growth in core euro zone countries, Japan and Brazil. And German industrial output fell in August at its steepest rate since January 2009. "The IMF forecast is weighing on (demand) sentiment," said Phil Flynn, an analyst for the Price Futures Group in Chicago.
Iran Plans to Ship LNG to Europe
Iran plans to export Liquefied Natural Gas (LNG) to Europe, Mehr News Agency quoted Iranian Minister of Oil Bijan Zanganeh as saying. Zanaganeh described Iran’s plan for gas exports to Europe saying “the main objective is to transfer the Iranian product in the form of LNG. Zanaganeh assured that producers will not be charged by taxes for the profit they make in exports though for domestic activity, tax payment is required which discourages them from working with Iranian complexes.