• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 43 mins Would bashing China solve all the problems of the United States
  • 17 mins Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 53 mins Model 3 cheaper to buy than BMW 3 series.
  • 3 hours Pompeo's Hong Kong
  • 1 day China to Impose Dictatorship on Hong Kong
  • 1 hour Thugs in Trumpistan
  • 14 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 34 mins China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 8 hours China’s Oil Thirst Draws an Armada of Tankers
  • 2 days Iran's first oil tanker has arrived near Venezuela
  • 3 hours Income report showing potential future spending and economic growth
  • 4 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 2 days Let’s Try This....
  • 5 hours The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 1 day 60 mph electric mopeds
Have Oil Traders Abandoned Fundamentals?

Have Oil Traders Abandoned Fundamentals?

Oil prices are back at…

Oil Prices Fall On Bearish EIA Data

Oil Prices Fall On Bearish EIA Data

Oil prices fell on Thursday…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Asian Oil Buyers Could Benefit From Fresh Sanctions On Iran

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:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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