• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 24 mins Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 38 mins Trump eyes massive expulsion of suspected Chinese spies
  • 48 mins >>The falling of the Persian Gulf oil empires is near <<
  • 2 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 9 mins How to Create a Pandemic
  • 13 hours Where's the storage?
  • 20 mins KSA taking Missiles from ?
  • 9 hours America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 13 hours Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 2 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 4 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 1 hour There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 52 mins Dr. Fauci is over rated.
Oil Tumbles Towards $20 As Glut Grows

Oil Tumbles Towards $20 As Glut Grows

The brief rebound in oil…

US Oil Turns Its Back On The Permian As Prices Crash

US Oil Turns Its Back On The Permian As Prices Crash

Amid crashing oil prices, oil…

Iran Looks to Reduce Reliance on the Straits of Hormuz with new Oil Terminal

Iran Looks to Reduce Reliance on the Straits of Hormuz with new Oil Terminal

Iran has been feeling increased pressure from US and EU sanctions against its oil industry, and as a result has on more than one occasion threatened to blockade the Straits of Hormuz, the busiest oil shipping channel in the world; a move that could severely disrupt global oil supplies and affect oil prices.    

Now, according to the news agency Shana, Iran has announced that the Iranian Oil Terminals Company (IOTC) plans to build a new oil export terminal on the Gulf of Oman as Bandar Jask, away from the Straits of Hormuz. Pirouz Mousavi, the managing director of IOTC said they also intend to build a pipeline to transport an extra one million barrels of oil per day to the Caspian Sea port of Neka; a move that will give them more exporting options and remove their own reliance on the Straits of Hormuz.

Is it a good sign that Iran has threatened to disrupt global oil supplies by blockading the straits, and is now finding ways to reduce their own use of the straits, so that any incident there wouldn’t affect their own exports?

No specific details have been provided about the dates of completion, the cost of development, or the expected capacity of the new terminal.

Rostam Qasemi, Iran`s Minister of Petroleum, said that despite the reduced demand for Iranian oil around the world, which has caused them to put a lot of their production into storage, the Iranians are seeking to increase its oil production and exports up to 1.5 million bpd by 2016.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage




Leave a comment
  • Katlady419 on May 28 2012 said:
    We should be looking to reduce our need for the Straits of Hormuz, by using our own oil and natural gas here in the U.S.

Leave a comment

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