Iranian oil exports have recovered almost to pre-sanctions levels, thanks to unflinching demand from China and South Korea. The spike comes amid a steady rise in oil prices thanks to US sanctions against Venezuela and renewed conflict in Libya, and a nearly four-year low in OPEC oil production.
Iranian exports of crude oil and condensate have surged to levels near before sanctions, surprising market observers and affording the country an important victory in a US “economic war” on Tehran.
Iran exported 1.70 million barrels per day (bpd) of oil in March, the highest since October when shipments fell to 1.08 million bpd, data from shipping sources compiled by S&P Global Platts showed.
According to the energy and commodities information provider, Iran’s exports volumes have recovered by 60% since November, “surprising many on the market.”
ran traded 150,893 tons of non-oil commodities worth $108.53 million with Sri Lanka during the 10 months to Jan. 20 to register a 52.84% increase in tonnage and a 4.35% decrease in value compared with last year's corresponding period, data released by the Islamic Republic of Iran Customs Administration show.
Iran’s exports to Sri Lanka stood at 133,208 tons worth $38.82 million, up 78.46% and 69.37% in tonnage and value respectively year-on-year. Sri Lanka was Iran’s 41st export destination during the period.
Iranian oil exports, which have been laboring under US sanctions since late last year, have recovered close to prior levels, supported by unflinching demand from China and South Korea, data from shipping sources and provisional tanker tracking data showed Tuesday.
Crude and condensate shipments from the Persian Gulf producer surged 12% to 1.70 million b/d in March, the highest since October, as key buyers scrambled to pick up more volumes before US sanctions waivers expire in early May.
India is not booking Iranian crude oil due to load in May, as refiners in one of Iran’s key oil customers are waiting for more clarity from the U.S. on whether India will get its sanctions waiver extended, Reuters reported on Tuesday, citing four sources.
Tehran Permanent fairground will host the 8th Iran Bitumen, Asphalt, Emulsion, Machinery and related industries Exhibition during 24-27th of January 2017.
OilProducts.ir 's Analysis team: Commodity Market analysis is important to measure past events and to be able to forecast the trends in future. Bitumen Market is strongly connected to global Oil market; prices, trends, events and scarcity of resources. The price of Vacuum Bottom reflects on Bitumen prices very directly and linearly.
There are local market variables like regional conditions (like climate etc), large governmental tenders and projects etc which have big influence on the price, from the demand point of view.
With Iran's spectacular endowment of oil and gas, it is easy to forget that decades of isolation have forced Iran to diversify its economy to the point that oil and gas only account for 25% of GDP.
Potential investors and businesses are enjoying a new found freedom, despite the challenges facing those looking to enter the biggest market to hit the global stage since the fall of the Soviet Union.
Iran's banking Sector is ready for the influx of investors and new business in the new year, 1395.
The new Persian New year is starting soon. 1395 will begin 21st of March. The Market will be closed in Iran for two weeks. not all the days are off, but we know by experience, trade will be off during these two weeks. especially transportation will be interrupted seriously.
For the next year, which will be started soon, with void sanctions against Iran, the oil and petrochemical products market will be HOT!
RPO
Rubber Process Oil ended up this year around 230 USD per MT FOB Bandar Abbas
Nowadays' big news is the removal of international economic sanctions on Iran, following the implementation of the July 2015 nuclear agreement.
Bijan Zanganeh, Iran’s oil ministry ordered the ramp up of 500K barrels per day in production. Iran says it can achieve the target almost immediately. Iran has oil tankers loaded with 50 million barrels of crude oil ready to depart. Iran has every incentive to sell more oil, just like any other producer who is trying to make up for falling revenue by shipping more volume.
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