62856
Iran's May Crude Exports Set to Fall
Iran's May Crude Exports Set to Fall

Iran's May Crude Exports Set to Fall

Iran's May Crude Exports Set to Fall

Iran's crude oil exports are set to hit a 14-month low in May, a person with knowledge of Iran's tanker loading schedule said, suggesting the country is struggling to raise exports after clearing out stocks stored on tankers.
Part of the drop may also be attributable to a decline in demand, as loadings bound for India are set to slump to a one-year low after a dispute over the award of a contract for a gas field and Japan's orders fall by more than half from April, Reuters reported.
Iran is also putting about 3 million barrels back into storage in May, according to the source, underlining how much oil remains available in the market despite an agreement between the Organization of Petroleum Exporting Countries and non-OPEC producers to cut output and boost prices.
Crude oil loadings from Iran are expected to total nearly 1.7 million barrels per day in May, with almost 100,000 bpd being put into storage on tankers, according to the source.
Loading figures for condensate, an ultra-light crude, were not available for May. In April, the country is expected to export 1.8 million bpd of crude and a little over 370,000 bpd of condensate, down sharply from a six-year high of nearly 2.9 million bpd reached in February for both forms of oil.
In March, Iran loaded around 2.6 million bpd a day of both crude and condensate, mostly the former, according to the source. No barrels of either crude or condensate were put in storage in March and April.
The final figures for February exports were significantly higher than preliminary numbers reported earlier by Reuters and show Iran took full advantage of its exemption from the production cuts by OPEC and non-OPEC producers, including Russia.
Shipments to India in May are expected to about 370,000 bpd, while in April Indian customers are lifting nearly 470,000 bpd of both crude and condensate. Japan is scheduled to lift nearly 40,000 bpd in May, the lowest since March.
Loadings of crude and condensate for China this month are to hit a four-month low of a little over 500,000 bpd.

Short URL : https://goo.gl/FwUNB5
  1. https://goo.gl/JzaIyB
  • https://goo.gl/SaBpTm
  • https://goo.gl/eesX8M
  • https://goo.gl/C4N5FS
  • https://goo.gl/Rmjd0A

You can also read ...

PetroChina Mulling to Suspend US LNG Purchases
PetroChina Company Limited may temporarily halt the purchase...
Total's Workers on Strike
Workers at three of Total’s North Sea oil platforms started a...
Caspian Sea Agreement to Help Boost Energy Plans
Five Caspian Sea states reached a breakthrough agreement on...
WTI, Brent Prices Slide as Emerging Market Woes Reduce Demand
Oil prices slipped on Monday as trade tensions and troubled...
Gas Talks With Iraq Underway
Iraq's Oil Ministry is discussing prospects of increasing gas...
NIORDC Planning Mass Production of Catalysts
Experts of the National Iranian Oil Refining and Distribution...
Tehran Groundwater Reserves Decline by 150 mcm Per Year
Groundwater reserves in Tehran Province have fallen by 150...
NIOC's OSP Discount Follows Global Norms
National Iranian Oil Company's reduction of official selling...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus