• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 1 hour Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 12 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 1 hour Saudi Arabia turns to solar
  • 34 mins Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 6 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Why is permian oil "locked in" when refineries abound?
  • 55 mins Teapots Cut U.S. Oil Shipments
  • 18 hours Gazprom Exports to EU Hit Record
  • 18 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 18 hours Could oil demand collapse rapidly? Yup, sure could.
  • 31 mins Oil prices going down
  • 14 hours U.S. Withdraws From U.N. Human Rights Council
  • 2 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 2 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 11 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 hours Sell out now or hold on?
Global Energy Consumption Soars To New Heights

Global Energy Consumption Soars To New Heights

The new BP Statistical Review…

Venezuela Forced To Shut Down Production As Operations Fall Apart

Venezuela Forced To Shut Down Production As Operations Fall Apart

Venezuela’s economic, social and political…

Iran’s Crude Oil Exports Set For 14-Month Low In May

Flaring Iran

Iran’s crude oil exports in May will likely hit their lowest volume in 14 months, as the Islamic Republic has cleared tanker storage and Asian buyers are set to load less crude, Reuters reported on Friday, citing a person familiar with Iran’s tanker loading program.

Iran’s crude oil exports in May are expected to come in at 1.66 million bpd, and nearly 100,000 bpd will be put back into storage on tankers, according to Reuters’ source.

For April, Iran is seen exporting 1.8 million bpd of crude oil and around 370,000 bpd of condensate. This compares to exports of crude and condensate combined of almost 2.9 million bpd in February, which marked a six-year high, Reuters data show.

Next month, Iranian shipments of crude oil to India are set to be around 370,000 bpd, a one-year low, as Iran and India are in the midst of a political row that threatens to reduce Indian purchases of Iranian oil. According to media, Indian state refiners have threatened to cut oil imports from Iran by 20 percent in financial 2017/18, as India pressures Iran to award the Farzad B gas field to an Indian consortium.

Related: Oil Crashes Into $40’s As Hedge Funds Sell Off

Iran’s crude sales to Japan in May are expected to drop more than half from April, to 40,000 bpd next month, according to Reuters.

Iran’s crude oil exports touched the 3-million-barrel-day level for one day between February 20 and the beginning of March, reaching that threshold for the first time since the Islamic Revolution in 1979, Bloomberg reported in early March, quoting Iran’s Oil Minister Bijan Namdar Zanganeh as saying to state news agency IRNA. According to Bloomberg tanker data, Iranian crude oil exports had been an average 2.45 million bpd between February 19 and early March.

According to S&P Global Platts data, Iran’s crude oil and condensate exports in March fell to 2.35 million bpd from 2.41 million bpd in February.

By Tsvetana Paraskova for Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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