Iran General NewsIran crude exports to rebound in April from March...

Iran crude exports to rebound in April from March slump

-

Reuters: Iran’s April crude exports will rebound to above 1 million barrels per day (bpd), industry sources said on Friday, after falling in March to the lowest level seen since the West imposed sanctions to reduce the oil flow in 2012. By Osamu Tsukimori and Florence Tan

TOKYO/SINGAPORE, (Reuters) – Iran’s April crude exports will rebound to above 1 million barrels per day (bpd), industry sources said on Friday, after falling in March to the lowest level seen since the West imposed sanctions to reduce the oil flow in 2012.

U.S. and European Union sanctions aimed at choking the flow of oil money into Iran and forcing Tehran to negotiate curbing its disputed nuclear programme have cut around a million barrels per day from Iran’s crude exports.

Iran is expected to export 1.08 million barrels per day (bpd) of crude in April, preliminary data obtained by Reuters showed, up from the 810,000 bpd that was scheduled to load in March and close to export levels of around 1.1 million bpd in February. The volumes are based on preliminary loading plans and final export volumes may vary.

Asian refiners buy the bulk of Iran’s reduced export volumes and have steered clear of U.S. sanctions by steadily reducing imports. Despite the rise in April loadings, Iranian oil exports will still be down 36 percent on the year. Exports will likely drop further this year as buyers reduce imports as required by U.S. sanctions.

“Given that U.S. sanctions are likely to tighten further, exports from Iran are not going to be rising,” said Victor Shum, oil consultant at IHS in Singapore. “I don’t expect this rebound (in Iranian oil exports) to be sustained.”

The biggest month-on-month jump is from South Korea, which will triple imports in April to about 190,000 bpd as refiner SK Energy returns to contracted Iranian import volumes after shutting down a refinery for maintenance, a company source said.

Japan will also increase imports in April from March as some refining units are due to restart by late May after maintenance. Its April volumes will likely more than double from the same month a year ago when uncertainty over sanctions caused imports to plunge.

China, Iran’s top customer, is expected to lift 415,000 bpd of crude in April, up from 379,000 bpd in the previous month. Taiwan will resume Iranian oil imports for the first time this year.

Indian refiners Indian Oil Corp and Essar Oil  are scheduled to lift 3.7 million barrels or 123,000 bpd of crude in April, the data showed, but it is unclear what they will actually buy after insurance companies said they could not cover plants using Iranian oil.

The other two Iranian crude buyers in India, Mangalore Refinery and Petrochemicals and Hindustan Petroleum Corp, have said they will import none this month while they wait for clarification from the Indian government on how they can insure their refineries if they run Iranian crude.

Iran 2013   crude exports (units:1000 bpd)
Country         April     March     February
China             415       379        354
South Korea   190         60        143
Japan            179        148        184
India             123        117        279
Turkey          110        107        118
Taiwan            67           0            0

Source: trade

(Additional reporting by Cho Meeyoung; Editing by Simon Webb and Tom Hogue)

Latest news

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

How Internet Censorship Is Damaging Iran’s Economy

While in the last four months, internet access in Iran has been cut off or severely limited, the regime’s...

Iran Regime’s Upcoming Budget Bill Will Lead To More Protests

On January 12, the Iranian regime’s president Ebrahim Raisi handed over the country’s budget bill to the parliament.  According...

Must read

Iran opposition leader calls for UN enquiry into “Bloody Friday”

Iran Focus: Paris, Apr. 16 – A key Iranian...

Europe compromises with U.S. on Iran nuclear deadline

Reuters: France, Britain and Germany have met a key...

You might also likeRELATED
Recommended to you