China Defiant On US-Iran Petroleum Decision

05 May, 2019, 02:29 | Author: Manuel Hopkins
  • Crude Oil

Global oil prices are off highs on assurances of sufficient supply to compensate for a fall in Iranian exports, along with a surprising increase in U.S. oil inventories, said Singapore's DBS Bank in its daily market report on Thursday.

The market on Thursday was also influenced towards the bearish side by Genscape forecasting that storage at the Cushing, Oklahoma hub had increased 1.95 million barrels between April 26 and 30, which comes on the heels of earlier news that USA stockpiles last week rose by 9.9 million barrels to 470.6 million barrels, as production hit a record high of 12.3 million bpd. These production cuts quickly translated to lower shipping rates as Middle East exports fell. The characteristics of their refineries are suitable for Iranian oil.

Based on AIS data on tanker loadings, it is estimated that Iran loaded about 1.6 mill barrels per day in March, a significant increase from December, when only 0.6 mill barrels per day was loaded, Poten said.

The world's third biggest oil consumer, India meets more than 80 per cent of its oil needs through imports.

While Bolton and Perry backed ending the waivers, some in Pompeo's State Department reiterated worries about the potential for rising oil prices, the sources said, but they ultimately dropped their objections and supported the more aggressive policy on Iran. USA crude inventories beat analyst and industry estimates to climb to the highest since 2017 last week and production rose to a record, the Energy Information Administration said Wednesday. In a Wednesday interview with VOA Turkish, he said that if China and India maintain their recent levels of imports, Turkey may do the same.

Indian media reported in April that both countries had recently set up a joint working group on energy.

But Turkey has been significantly reducing its reliance on Iranian imports since the start of the USA sanctions waiver.

The Trump administration was equally silent about what action it might take if any of the three countries continues to purchase Iranian oil after Thursday, with no statements on the subject issued during the day by the departments of State or Treasury.

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The market expects OPEC to extend its production-cut deal till this year-end.

It sold 17.49 mt of crude oil to India.

Due to the sanctions, it is hard for most regular shipowners to carry Iranian crude or to load in Iran.

"We only recognise United Nations sanctions".

Zangeneh said the move by the Saudis and UAE goes against Iran.

Iran's national currency, the rial, lost more than 60 percent previous year, disrupting Iran's foreign trade and boosting annual inflation.

Iran owns 37 VLCCs, of which 10 are now used for storage, nine Suezmaxes and six Aframaxes.

CHINA HAS a number of massive state-run enterprises which Iran sanctions expert Barak Seener previously told The Jerusalem Post have "nothing to lose if they enter the Iranian market and they replace companies that have exited like [the French company] Total. they do not suffer any negative consequences because they never have to enter the USA market".



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