• 22 hours Iraq Begins To Rebuild Largest Refinery
  • 1 day Canadian Producers Struggle To Find Transport Oil Cargo
  • 1 day Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 1 day China's CNPC Considers Taking Over South Pars Gas Field
  • 1 day BP To Invest $200 Million In Solar
  • 1 day Tesla Opens New Showroom In NYC
  • 1 day Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 1 day Venezuela Sells Oil Refinery Stake To Cuba
  • 2 days Tesla Is “Headed For A Brick Wall”
  • 2 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 2 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 2 days Goldman Bullish On Oil Markets
  • 2 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 2 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 2 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 2 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 3 days Colombia Boosts Oil & Gas Investment
  • 3 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 3 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 3 days Aramco On The Hunt For IPO Global Coordinators
  • 3 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 3 days India Feels the Pinch As Oil Prices Rise
  • 3 days Aramco Announces $40 Billion Investment Program
  • 3 days Top Insurer Axa To Exit Oil Sands
  • 4 days API Reports Huge Crude Draw
  • 4 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 4 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 4 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 4 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 4 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 4 days Exxon To Start Reporting On Climate Change Effect
  • 5 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 5 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 5 days Forties Pipeline Could Remain Shuttered For Weeks
  • 5 days Desjardins Ends Energy Loan Moratorium
  • 5 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 5 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 5 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 8 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 8 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

EIA Reports Major Draw In Crude Inventories

EIA Reports Major Draw In Crude Inventories

Adding to bullish news of…

The Billionaires Betting On Space Travel

The Billionaires Betting On Space Travel

Humans have always had a…

Iran’s Crude Exports To Tumble To Five-Month Low In December

Hassan Rouhani

In a sign that Iran may not be able to keep up its oil production on a continued growth curve, Iran’s crude oil exports this month are expected to drop by 8 percent from November export volumes, Reuters reported on Wednesday, citing a source familiar with the country’s preliminary tanker schedule.

Iran’s crude exports to the Asian markets are seen plunging in December and unable to offset increased exports to European countries.

Total Iranian exports are expected at 1.88 million bpd this month, down from 2.04 million bpd last month.

Exports from Iran to Asia are expected to be down by 17 percent on the month to 1.11 million bpd, their lowest level since February this year. All major Asian buyers except for India are cutting their Iranian crude purchases this month. On the other hand, Iran’s oil exports to Europe are set to grow 10 percent compared to November to the highest this year, 767,000 bpd, and to levels higher than those seen before stricter sanctions were imposed in 2012.

In Asia, Iran’s exports to China are expected to slump to the lowest volume since October 2015, to 400,000 bpd, which would be a 28-percent plunge from November. Japanese loadings of Iranian crude this month are down 1.6 percent from November, at 134,000 bpd. South Korea is buying 60,000 bpd, half the Iranian oil it bought in November.

Related: Rex Tillerson: ‘’Russian Spy’’ Or Diplomatic Genius?

India is the only big Asian customer to increase Iranian oil purchases, by 12 percent to 517,000 bpd this month, which makes India Iran’s biggest buyer in December.

Iran was exempt from OPEC’s collective production cut of 1.2 million bpd expected to take form as of January, and was even allowed to raise output by 90,000 bpd.

Following the OPEC deal, in which Iran won a leeway neither to cut output nor to freeze, but to increase, the country has been praising its ‘oil diplomacy victory’, with Saudi Arabia and the Saudi Gulf Arab allies taking up most of the cuts.

Iran is now able to sell as much oil as it wants and to any country it “deems appropriate”, Iranian President Hassan Rouhani said last week.

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