This is a legacy page. Please click here to view the latest version.
Tue 16 Oct 2018, 08:24 GMT

New opportunities emerge for producers as Iranian sanctions draw closer


By A/S Global Risk Management.


Michael Poulson, Senior Oil Risk Manager at Global Risk Management.
Image credit: A/S Global Risk Management
As U.S. sanctions on Iran are closing in, new opportunities for other producers arise.

As Iranian crude production and exports have been decreasing, other OPEC producers are trying to gain market share from what Iran is losing.

Earlier this year, Iraqi officials stated that they would like Iraq to increase their export capacity from the south and increase production of crude oil. Latest news is that they plan to export 4 mbpd up from an average of about 3.6 mbpd, and with Iran fading out of the picture a new opportunity is rising.

Saudi Arabia, another huge oil producer, seems to concentrate especially on India as India seems more likely to cut imports from Iran than China. Yesterday, Saudi energy minister Khalid al-Falih stated that they were committed to meeting India's rising oil demand. The statement likely comes as there is uncertainty about whether the U.S. is going to distribute waivers on countries which continue importing Iranian oil after the U.S. sanctions take effect from early next month. Even if waivers are granted, they will not be permanent.

On the financial data front, Chinese CPI (Consumer Price Index) and PPI (Producer Price Index) came in almost completely in line with expectations.

Tonight the American Petroleum Institute (API) will release its inventory statistics.

BP  

Aerial view of Bahía Beatriz vessel. Schottel supplies propulsion for Mureloil’s hybrid chemical tanker  

Bahía Beatriz joins sister ship to double Spanish operator’s biofuel and methanol transport capacity.

Smart Chimbusco exhibition display. Chimbusco launches six digital bunker products, including AI model and green fuel tools  

Cosco subsidiary unveils customer platform, AI system and methanol calculators for marine fuel sector.

Grande Tokyo vessel. Grimaldi takes delivery of 10th ammonia-ready car carrier Grande Tokyo  

The 9,200-ceu vessel completes a seven-ship series built at Chinese yards for vehicle logistics.

Rolls-Royce mtu engine test bench. Rolls-Royce Power Systems switches German engine test facilities to HVO fuel  

Company saved 3,200 tonnes of CO2 by end of 2025 after switching to renewable diesel.

MSC Migsan delivery ceremony. Changhong International delivers final LNG dual-fuel container ship 205 days early  

Chinese shipbuilder completes 10-vessel series for MSC with delivery of 11,500-teu MSC Migsan.

Seoul city skyline. Oilmar seeks senior and mid-level bunker traders in Seoul  

Marine fuel firm aims to recruit experienced traders for South Korean operations.

Morten Thomas Jacobsen, GEA. Global Ethanol Association to present on ethanol marine fuel at London shipping expo  

Morten Thomas Jacobsen will discuss ethanol fuel trials and maritime decarbonisation challenges in June.

Adrian Tolson, IBIA. IBIA warns of structural shift in marine fuel market following Middle East tensions  

Association chair says geopolitical disruptions signal lasting changes to bunker supply dynamics and pricing.

HMM Hamburg vessel. Rotterdam bunker volumes plunge 25% in first quarter amid regulatory shifts  

Fossil fuel sales decline sharply while alternative fuels show modest growth in Dutch port.

Camellia Dream vessel. Norsepower completes factory tests for 18 rotor sails bound for Airbus fleet  

Wind propulsion units cleared for installation on LD Armateurs vessels targeting 50% emissions reduction.


↑  Back to Top