• 1 hour Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 7 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 8 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 3 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 3 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 3 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 4 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 4 days India Needs Help To Boost Oil Production
  • 4 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 4 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 4 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 4 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 5 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 5 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 5 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 5 days Oil M&A Deals Set To Rise
  • 5 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 6 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 6 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 6 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 6 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 6 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options
  • 7 days China’s Sinopec Puts $1B Argentina Oil Assets Up For Sale
Alt Text

World’s Biggest Oil Trader Questions Its Own Fate

The world’s no.1 crude oil…

Alt Text

Strong Crude Draw Boosts Oil Prices

Oil prices stabilized on Wednesday…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Iran Closes In On Saudis As Oil Exports Soar

Iran Oil Tanker

Market data from Reuters shows that Iranian crude oil exports in April reached 2.3 million barrels per day, exceeding forecasts, while May exports are expected to be around 2.1 million barrels per day—or almost 60 percent higher than a year ago.

In May last year, by way of comparison, Iran was exporting about 1.3 million bpd, according to Reuters.

Logistics were holding up Iranian exports, with tankers being a key problem and indications now that this has been partially resolved.

A week ago, Iranian officials announced that sanctions on the country’s shipping lines have been completely removed, and that Iranian tankers are now free to dock at any port in the world. Related: Iraq Facing Perfect Storm

“Accordingly, all tankers that are under Iran’s ownership as well as any [foreign] tanker that enters Iran’s ports will not have any problem with regards to the issue of insurance,” Iranian media quoted an official as saying.

It’s a tough pill for rival Saudi Arabia to swallow, as the two fight for market share. Iran has regained almost half of its pre-sanctions European market, and exported 1.7 million bpd to Asia in April.

Last week, Iran introduced a discount on the June contract for its heavy crude going to Asia, just a few days after Saudi Arabia announced a price increase for its own June contract for the continent. With the discount, Iranian oil will be noticeably cheaper for Asian clients than both Saudi and Iraqi crude. Related: Who Will Benefit From The Electrification Of Transport?

Also on Thursday, U.S. and European Union authorities came out with an official statement reassuring private businesses that they are free to conduct legal business with Iran.

"This includes the reengagement of European banks and businesses in Iran," they said in the joint statement released after talks in Brussels.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Bill Simpson on May 21 2016 said:
    It's better to have more oil than you need, than to need more oil than you have.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News