India yet to figure out way to pay for Iranian oil imports: Reuters
India hasn’t worked out yet a payment system for continued purchases of crude oil from Iran, Subhash Chandra Garg, economic affairs secretary at India’s finance ministry, said on Friday.
EIA lifts Brent forecast on Iran sanctions worries: Argus
The US Energy Information Administration (EIA) is raising its Brent crude price forecast by USD 5/bl to USD 81/bl for the fourth quarter, citing uncertainty over the effects of US sanctions on Iran. The EIA estimated Opec spare capacity at 1.3mn b/d in September — its lowest level since December 2016 when global oil inventory levels were much higher. But the agency also forecasts that global oil supply and demand will be nearly balanced in 2019, contributing to downward pressure on the oil price.
Iran’s oil exports to South Korea not to be cut to zero: Tasnim
Kia Kiani, a member of Iran and South Korea Chamber of Commerce, described the East Asian country as one the biggest importers of the Iranian crude and said oil sales to South Korea will not go down to zero. He went on to say that currently, Iran’s trade with small Korean companies is continuing and therefore oil exports to the country will not be cut to zero.
China LPG importers hit as US and Iran supplies squeezed: Platts
Chinese importers of LPG have been hit with higher prices and narrower margins as the ongoing trade war and sanctions have forced them to axe supplies from two key LPG exporters -- the US and Iran. China's PDH plants, the main LPG importers, have sought alternative supply as they resell contracted volumes from the US, pushing up procurement costs even though the overall LPG market remains well-supplied."We now can only look for non-US origin LPG cargoes, including barrels from the Middle East, Africa and Australia," an executive at a Chinese LPG import terminal in eastern China said.
India’s Iran oil imports inch up: Reuters
India imported 528,000 bpd of Iranian oil in September, up by 1% from August, due to delays of some August cargos until Indian refiners received the government nod to import Iran’s oil on Iranian tankers with Iranian insurance. India’s imports in August stood at 523,000 bpd, down by 32% compared to July.
Iran exported at least 2 Mln bpd in September: Forbes
The data on oil movements show conclusively that Iran’s oil exports have not decreased nearly as much as the media narrative has suggested . Iran exported at least 2 million barrels per day of oil in the month of September, which is actually an increase from its exports in August. Oil speculators and the Trump administration have been led to believe that the threat of impending sanctions on Iran’s oil is removing so much from the market that oil prices could skyrocket to $100 per barrel this year. The actual data on Iran’s oil exports contradict this. Amazingly, Iran benefits from the narrative doubly, because it helps Iran circumvent the sanctions and the higher oil prices mean more revenue.