• 4 minutes Some Good News on Climate Change Maybe
  • 7 minutes Cuba Charges U.S. Moving Special Forces, Preparing Venezuelan Intervention
  • 12 minutes Washington Eyes Crackdown On OPEC
  • 15 minutes Solar and Wind Will Not "Save" the Climate
  • 17 hours Most Wanted Man In Latin America For AP Agency: Maduro Reveals Secret Meetings With US Envoy
  • 41 mins L.A. Mayor Ditches Gas Plant Plans
  • 3 hours is climate change a hoax? $2 Trillion/year worth of programs intended to be handed out by politicians and bureaucrats?
  • 19 mins students walk out of school in protest of climate change
  • 18 hours And for the final post in this series of 3: we’ll have a look at the Decline Rates in the Permian
  • 6 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 5 hours Ford In Big Trouble: Three Recalls In North America
  • 1 day And the War on LNG is Now On
  • 1 day Amazon’s Exit Could Scare Off Tech Companies From New York
  • 37 mins Prospective Cause of Little Ice Age
  • 5 hours Why Is Japan Not a Leader in Renewables?
  • 1 hour Is the Green race a race from energy dependence.
This Is Just The Beginning Of Europe’s Gas War

This Is Just The Beginning Of Europe’s Gas War

With declining North Sea gas…

OPEC’s Next Big Crisis

OPEC’s Next Big Crisis

OPEC is facing some major…

Iran Moves Closer To Achieving Gasoline Independence

Refinery

Iran has drastically cut its gasoline imports in recent weeks as it started the second phase of an oil refinery, moving closer to reaching gasoline independence, Reuters reported on Wednesday, citing trading sources.

Iran—OPEC’s third-largest oil producer—has been reliant on gasoline imports for years because of lack of refining capacity and the Western sanctions that had limited the choices for funding and spare parts for refinery maintenance.

Now Iran has started the second phase of the Persian Gulf Star Refinery in Bandar Abbas, which will double the refining capacity of the facility to 240,000 bpd. According to trading sources who spoke to Reuters, production has yet to be ramped up and has yet to meet the highest gasoline quality standards.

“Iran does seem to have significantly reduced its reliance on imports,” Robert Campbell, head of oil products at consultancy Energy Aspects, told Reuters.

“All indications are that imports in March are lower. That coincides with the Iranian New Year, which is usually a strong demand period.”

The Iranian New Year holiday is the peak of the driving season, and gasoline demand jumped earlier this week, with Monday’s gasoline demand the highest on record, according to local media.

Still, Iran’s gasoline imports are expected to sharply drop in March—to around 70,000 tons or 20,000 bpd, from 300,000 tons in December and 120,000 tons in January and February, according to trading sources and shipping data compiled by Reuters.

Iran’s move toward gasoline independence comes as the Iranian nuclear deal looks increasingly shaky after U.S. President Donald Trump sacked Rex Tillerson as Secretary of State and is replacing him with CIA Director Mike Pompeo who is outspokenly hawkish regarding Iran. Analysts think that with the new appointment, the United States may take a harder stance toward Iran that could deepen the uncertainty over the nuclear deal and possible additional U.S. sanctions that could hurt Iran’s oil industry.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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