NEWS
Oil  

NIOC Hunting for Ships to Keep Exporting Oil

National Iranian Oil Company is discreetly scouring the globe for second-hand oil tankers to replace its ageing fleet and keep crucial crude exports flowing as US sanctions start to bite, Iranian and western sources said.

Since US President Donald Trump re-imposed sanctions in November, exploratory talks with South Korea for up to 10 new supertankers have stalled, Panama has removed at least 21 Iranian tankers from its registry and Tehran is now looking for extra vessels in places such as Vietnam, the sources said, Reuters reported. 

Washington has put restrictions on Iran’s port, energy and shipping sectors but it has given waivers to the country’s eight biggest oil customers, which include China, India and Japan, so they can keep buying Iranian crude. 

With oil exports accounting for an estimated 70% of Iran’s revenue, maintaining an effective fleet of tankers to store and move that oil is crucial for Tehran. 

But potential sellers of used vessels are more wary this time round after a Greek network that helped Iran buy tankers under previous sanctions was blacklisted. Western insurers are also steering clear, complicating Iran’s attempts to export crude to US-approved buyers. 

If Iran runs into difficulties exporting its oil it could have a significant impact. Besides the importance of oil for its budget, Iran is estimated to produce about 2.8 million barrels a day, more than 9% of OPEC’s output. 

"Whatever sector you look at, companies will keep in mind being cut off from the US financial system when deciding whether to trade with Iran," said Mehdi Varzi, an independent oil consultant who has previously worked at the state-run NIOC.

News No: 4022
Date: 2019/03/14 - 20:00
News Source: Financial Tribune

NIOC  Oil  US sanctions  Donald Trump  South Korea 

Comments:

Leave a Comment:

   
   
   
 

IMO compliant fuel oil trades at $445-455/t in Med

A cargo of 0.5pc sulphur fuel oil traded in the Mediterranean at around $445-455/t, giving some indication of a nascent price point for product compliant with the forthcoming marine fuel sulphur cap.
 

South Korean Ferrous Scrap Imports Hit 4 Year High Amid Increased Bulk Imports

Japanese scrap exports to South Korea recorded above 0.40 MnT mark successively for the 2nd month while US scrap exports hit 5-month high in Feb'19
 

Chinese Graphite Electrode Prices Inch Down amid Tepid Demand

After remaining stable over the last two weeks, China’s higher grade Graphite Electrode prices plunged down by RMB 2,000/MT (USD 298/MT) this week.
 

South Korea: Iron Ore Imports Down 18% in Feb’19

World's 3rd largest iron ore importer - South Korea has witnessed fall in iron ore and pellet import volumes in Feb’19. The imports witnessed at 5.06 MnT, down 18% as against 6.19 MnT in Jan’19. However, the imports on yearly basis dropped 4% as against 5.26 MnT in Feb’18.
 

Oil Refiners Reveal Hints About Expected Boom

Oil refiners are getting ready for a boom. The plants in Europe and the US are scaling back planned maintenance later this year in anticipation of a surge in demand and fatter margins as the shipping industry gets ready for a historic fuel switch.
 

OPEC to Keep Oil Cuts in Place

OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the full impact of US sanctions on Iran and the crisis in Venezuela.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners