• 7 minutes Does S Arabia Have 2 Mln Barrels in Spare Capacity?
  • 16 minutes Google, Hit With Record $5 billion EU Antitrust fine, To Appeal
  • 23 minutes 67.50 was the low for now, $70 - $76+ back in play
  • 1 day Venezuela, the largest oil reserve in the world, faces deep shortages of motor oil
  • 1 day EU And Japan Sign Historic Free Trade Deal
  • 3 hours Trudeau Shuffles Cabinet, Seeks To Reduce Reliance On U.S.
  • 1 day Where 3 Million Electric Vehicle Batteries Will Go When They Retire?
  • 7 hours Daimler and BMW Will Beat Tesla in EV Race
  • 2 hours Chartist predicting a $1 fall, after WTI drops $10
  • 1 day China’s Technology Sector Takes On Silicon Valley
  • 20 hours Chile Becomes The Latest Country To Commit To 100% Renewables
  • 1 day Germany: We Can No Longer Fully Rely On U.S. White House
  • 1 day Trump-Putin Helsinki Summit And Oil Prices
  • 2 days Well from $74 we hit 67.xx now what?
  • 2 days Rio Tinto Says $4-Million Goodbye to Coal
  • 2 days Trade War of 1930s, Extended the Great Depression
Alt Text

Russian Oil Production Soars To 11.193 Million Bpd

Following the agreement with OPEC…

Alt Text

OPEC Won’t Take Additional Action As Oil Prices Rise

UAE oil minister al-Mazrouei said…

Alt Text

OPEC: Oil Demand Growth To Slow In 2019

Global oil demand growth is…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Asian Oil Buyers Could Benefit From Fresh Sanctions On Iran

Oil traders

Asian oil traders—the largest group of buyers of Iranian crude—are not bothered by the prospect of new sanctions from Washington against Iran. Even if these do materialize, it would take months if not years to implement them, trading sources told S&P Platts.

One South Korean trader said, "We are not overly concerned because whatever Trump decides to do in May, it will still take many months [to fully implement the sanctions on Iran again] ... at least for 2018, Iran's exports would be unaffected. Any sanctions or supply issues beyond that, we can worry about later."

This philosophical attitude seems to be characteristic of other traders, too. A source from a Japanese refinery shared the sentiment: "We would think of our response when it comes to the point of not being able to take [Iranian crude] so there is no point of preparing for it from now."

For Chinese buyers, the news of the sanctions could actually be good, as one Chinese trader noted, saying if the U.S. imposes new sanctions on Iran, Chinese buyers will benefit from better prices as there will be much less competition for Iranian crude. In the worst-case scenario, there will be no change in Chinese imports of Iranian crude, another source from the Chinese oil industry said. Related: The Labor Shortage In The Shale Boom

The comments come after President Trump said on Friday he had decided to extend—for the last time—the sanction waivers already in place until May 12. He went on to warn Congress and America’s European partners that they needed to “fix” the nuclear deal with Iran if they wanted to avoid the return of U.S. sanctions.

Iran currently exports over 2 million barrels daily—double its exports from before the nuclear deal. Almost two-thirds of the 2017 exports, or 62 percent, went to Asia. China was the largest buyer, followed by India, South Korea, and Japan. The rest of the exports went to Europe.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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