• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 4 mins *Happy Dance* ... U.S. Shale Oil Slowdown
  • 23 mins Socialists want to exorcise the O&G demon by 2030
  • 23 mins UK, Stay in EU, Says Tusk
  • 22 mins Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 13 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 2 days Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 3 days U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 2 days Chevron to Boost Spend on Quick-Return Projects
  • 15 hours How Is Greenland Dealing With Climate Change?
  • 2 days Conspiracy - Theory versus Reality
  • 2 days Maritime Act of 2020 and pending carbon tax effects
  • 2 days Regular Gas dropped to $2.21 per gallon today
Chevron And Occidental Join Bill Gates Backed Tech Company

Chevron And Occidental Join Bill Gates Backed Tech Company

Chevron and Occidental Petroleum recently…

A Bad Time to Lose Iran

Or least Iranian oil.

Reports surfaced this week that sanctions are decimating Iranian crude exports. India's imports from the pariah nation appear to have fallen 60% in June, year-on-year. Iran's top four customers--China, Japan, India and South Korea--probably dropped their imports by a third.

The loss of this supply is going to make things interesting for global oil trade.

That's because the disruption comes just as the differential between European Brent crude and American West Texas Intermediate has collapsed. Brent had been trading at premiums of up to $23 above WTI, as recently as February. But this week the two crudes hit parity for the first time in three years.

The result is Brent is suddenly a lot more attractive for refiners in the U.S. Gulf Coast. Those users will undoubtedly be eying increased imports of oil over domestic supply.

But they'll be competing with the rest of the world--and especially Asia--as it scrambles to find supply outside Iran.

A good time to look at plays linked to non-WTI oil prices.

Here's to the world of oil,

Dave Forest



Join the discussion | Back to homepage

Leave a comment
  • Iran Top News on August 23 2013 said:
    Why do I get the impression from these opening words in The Guardian article that it's Iran that began threatening the west.

Leave a comment

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