Iran oil export analysis in past 3 months

Iran oil export analysis in past 3 months

Amid widespread concern that the revived US sanctions against Iran, which shipped out nearly three million barrels per day of crude in July, would tighten global supply, Brent crude oil futures rose 86 cents to $74.61 per barrel at 1052GMT and US West Texas Intermediate (WTI) crude futures were up 59 cents at $69.60 a barrel.

The market was also bolstered by a report on Tuesday from the American Petroleum Institute (API), which said crude inventories fell by 6-million barrels in the week to August 3 to 407.2-million.

Exports to Asia fell to 1.76 million b/d in July from 1.85 million b/d in June as demand from South Korea and Taiwan dissipated as the former turned to other countries for condensates. It shipped out nearly 3 million barrels per day (bpd) of crude in September, equivalent to around 3 percent of global demand. Gasoline inventories were seen down by 1.7 million barrels, and distillate inventories were expected to rise by 220,000 barrels. A second round is scheduled to begin in November.

Europe-which as a whole has been Iran's third-biggest single customer-saw imports drop to 465,450 bpd last month from 485,768 bpd in June, with demand from France, Spain, and Turkey down and purchases from Italy and Greece steadily up.

The escalating trade war has rattled global markets.

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"Many countries, including Europeans, disagree with the US sanctions and are willing to work with Iran", said the official, who asked not to be named.

The company would buy 2 million barrels of Mars oil in November, a combination cargo containing 1 million barrels each of Eagle Ford and Mars in December and 2 million barrels of Louisiana Light Sweet in January, he said.

USA crude stockpiles were also expected to have dropped last week. Total volume traded was about 48 per cent below the 100-day average.

At 0244 GMT, September WTI crude oil futures are trading $68.81, up $0.32 or +0.47% and October Brent crude oil is at $73.58, up $0.37 or +0.51%. At the end of the week, WTI settled at 68.49 USA dollars, while Brent settled at 73.21 dollars.

The 6-million-barrel purchase was the first time that Indian Oil Corp (IOC)-which was the first Indian refiner to buy us oil last summer-has bought usa crude oil through a mini-term tender, the Indian company's Director of Finance A.K. Sharma told Reuters on Wednesday. One reason for this is the uncertainty over the size of the supply losses which range from 600,000 to 1.5 million barrels per day. Some 19 million and 4.8 million barrels per day of oil pass through the Straits of Hormuz and Bab el-Mandeb, respectively.

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