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Iran's Oil Production Rises Despite Sanctions


1. Guyana Takes Over European Oil Markets

- Guyanese crude exports to Europe hit an all-time high in February, moving to 432,000 b/d, as the continent’s buyers mopped up additional barrels coming from the recently launched Payara Gold stream.

- With the increasing flow of Guyanese cargoes, Europe’s own medium sour grade Johan Sverdrup, the largest producing field across the continent, has seen an unprecedented decline in its prices.

- Sverdrup differentials soared to multi-dollar premiums at the end of last year as Red Sea disruptions prompted Europe to buy locally, but now the Norwegian grade sells for a -$3 per barrel discount.

- Guyana is expected to produce more than 1 million b/d by late 2026, with production further boosted by the 250,000 b/d Yellowtail, 250,000 b/d Uaru and 250,000 b/d Whiptail projects.

2. China’s Coking Coal Industry Asks for State Protection

- Zhao Jianze, chairman of China’s largest coal miner, said the country’s coking coal industry needs state protection to reduce “disorderly competition” amidst flatlining prices, trending around ¥1,750 per metric tonne ($240/mt).

- With Zhao being a committee member at China’s consultative conference, his calls for limiting output and consolidating smaller coking coal producers into state-owned enterprises might resonate in Beijing.

- In contrast to thermal coal production where China keeps on…

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