• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 11 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 3 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 14 mins Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 13 hours Mr
  • 22 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 1 hour ‘If it saves a life’: Power cut to 1.5 million Californians
  • 10 hours Free market or Freeloading off the work of others?
  • 1 day How to Create a Pandemic
  • 23 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 11 hours Marine based energy generation
  • 17 hours Which producers will shut in first?
  • 10 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind

Breaking News:

WTI Slides On Huge Crude Inventory Build

North Sea Oil Faces Crisis

North Sea Oil Faces Crisis

North Sea oil has a…

Iran Says News Of Oil Reduced Exports is “Absolutely Wrong”

Zanganeh

Iranian Oil Minister Bijan Namdar Zanganeh is denying media reports that have depicted Iran’s oil exports as declining in the face of US sanctions, but did not offer alternate figures, according to Tehran Times, who cited IRIB.

In late May, media reported that Iran’s exports had been down month on month, more than 2 million barrels per day off their April 2018 peak of 2.5 million barrels per day. At the time, Reuters reported that Iran’s May 2019 exports plunged to just 400,000 barrels per day—a shadow of a figure that Iran now vehemently says is false.

Zanganeh did not provide different figures, adding that it was not in the country’s best interest to do it. Since the levying of sanctions by the United States, Iran has used tactics such as switching off transponders that would allow its oil exports to be quantified and tracked, making the estimates of its oil exports just that—estimates. Iran is now claiming it has new tactics to shield its exports, as well as new destinations for its oil, but failed to provide further details.

OPEC is likely struggling to come up with a game plan ahead of its July meeting in the absence of accurate data regarding Iran’s oil production and exports. A new wild card was played late last week, with Russia pledging its devotion to helping Iran export its oil, including helping with Iran’s banking sector, as Europe has so far been unable or unwilling to bring online its Instex payment system that would allow it to continue purchasing Iranian oil in defiance of US sanctions.

If Russia follows through with its commitment to assist Iran with its oil exports, or if Europe ever gets its payment system up and running, the United States will have a difficult time bringing its oil exports to zero.

By Julianne Geiger 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