The National Iranian Oil Company (NIOC) announced on Sunday that it is due to offer 2 million barrels of crude oil in the international ring of the Iran Energy Exchange (IRENEX) on Tuesday, in a move to bypass Washington’s unilateral sanctions against Tehran.
The NIOC announced today that the oil to be offered on Tuesday is to be sold at a bid price of $59.28. The buyers will receive the oil in three months.
This is the 12th time Iran is selling oil through the stock market.
Iranian Deputy Oil Minister Amir Hossein Zamaninia declared in May that Tehran was fully prepared to sell oil in a “grey market”, vowing to circumvent the US unilateral sanctions against the energy-rich country.
Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Mohammed Barkindo said in May that it was impossible to remove Iran’s oil from the international market, asserting that the organization would keep supporting Tehran against the US unilateral sanctions.
French tubular steelmaker Vallourec expects Brazilian demand to pick up in the fourth quarter, while oil and gas demand in the US is expected to decline.
A narrowing discount between 0.5pc sulphur residual fuel oil and 0.1pc sulphur marine gasoil (MGO) in both Houston and Panama may be due to fewer 0.5pc resid availabilities as demand for it rises.
Saudi Aramco included outlooks regarding long-term oil demand in its initial public offering prospectus released on November 9. According to the document, the company believes that "demand growth for crude oil, condensate and NGLs is expected to continue, with a levelling off around the year 2035."
Oil prices gained on Friday after OPEC’s forecast for oil demand next year fueled hopes that the producer group and allies will maintain supply cuts when they meet to discuss policy on output next month.
Opec has kept its non-Opec supply projections little-changed for this year and next, just a day after the group's secretary-general Mohammed Barkindo spoke about the likelihood of "sharp revisions of non-Opec supply going into 2020".
Global oil demand will hit a plateau around 2030 as the use of more efficient cars and electric vehicles ends an expansion that dominated the past century, the International Energy Agency predicts.