Iranian Oil Exports Fall to 300,000 b/d in June
Iran’s exports of crude oil have further declined to 300,000 barrels per day (b/d) or even less in June, down from 400,000-500,000 b/d a month earlier.
Iran’s exports of crude oil have further declined to 300,000 barrels per day (b/d) or even less in June, down from 400,000-500,000 b/d a month earlier.
Iranian Oil Minister, Bijan Zanganeh discussed with his Russian counterpart, Alexander Novak, the recent updates about the next OPEC summit.
Iran and Russia have signed a memorandum of understanding (MoU) to increase cooperation in the energy sector.
An unspecified incident took place in the Gulf of Oman and has reportedly affected two oil tankers.
Iranian crude oil exports have decreased to around 400,000 barrels per day (b/d) in May due to sanctions by the US.
Saudi Arabia may recover part of its previous market share on the Indian market, especially after the US sanctions on Iran.
Iraq has its contingency plans to be able to absorb any stoppage in importing Iranian gas for its power grid with hopes that no such disruptions will take place, according to Iraqi Oil Minister Thamer Ghadhban.
The Japanese oil refining company expects to deal with alternatives for Iranian crude oil supply due to the US sanctions.
Recent incidents in the Arabian Gulf led to global oil prices rising to their highest level in two weeks.
India was the second biggest importer of Iranian oil after China before the US sanctions more than halved Iran's oil exports to 1 million barrels per day (b/d).