• 5 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 7 minutes Can LNG Kill Oil?
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes US Shale: Technology
  • 19 mins So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 13 mins Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 14 hours Natural gas is crushing wind and solar power
  • 2 hours Blowout videos
  • 8 hours OPEC and Russia could discuss emergency cuts
  • 1 hour Charts of COVID-19 Fatality Rate by Age and Sex
  • 9 hours Shorting Gold
  • 1 day Phase One trade deal, for China it is all about technology war
  • 1 day Peak Shale Will Send Oil Prices Sky High
  • 32 mins “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 10 days Biden said, "China is not competition for US". A Biden Presidency would be COMPROMISED from the start. CHINA OWNS THE BIDENS
  • 6 days "For the Public's Interest"
  • 9 days China's Dreams of World Leadership are Fading
  • 9 days Will Pelosi's petulance back fire on the Democrats?

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