NIOC Defers Fuel Shipment to Asia

NIOC Defers Fuel Shipment to AsiaNIOC Defers Fuel Shipment to Asia

Iran has deferred at least one of its fuel oil loadings for June to Asia, according to a trade source with direct knowledge of the matter. "One of our June fuel oil cargoes had to be deferred for a later date," said the Singapore-based trader who declined to be identified as he is not allowed to speak to the media, Reuters reported. Since the lifting of sanctions, fuel oil exports directly from Iran to Singapore, a major trading and ship fueling hub for Asia, have totaled 688,000 tons, according to official data compiled by Reuters. In a bid to recapture lost market share and bolster revenue, state-owned National Iranian Oil Company quickly ramped up exports of fuel oil once US-imposed economic sanctions were lifted in January. By March, NIOC had committed all of its short-term fuel oil capacity through cash deals or in barter agreements in return for much-needed gasoline. NIOC raised its monthly exports by an additional 280,000 tons when it entered the spot markets.