Peak Oil is You
Donate Bitcoins ;-) or Paypal :-)
Page added on March 23, 2014
Main importers purchase over 1mln bpd of crude from Iran in 4 Months
Latest data showed that the four top importers of Iran’s crude have bought over 1mln bpd of oil from the Middle-Eastern country since November, when Tehran and the world powers struck a deal.
A Reuters report showed that Iran’s top oil importers have bought more than 1 million bpd since November, making February the fourth straight month in which Tehran’s oil exports increased.
February crude loadings by Iran’s top four buyers – China, India, Japan and South Korea – rose to 1.16 million bpd. Also, customs data released on Friday showed China lifted 558,877 barrels per day (bpd) of oil from Iran in January and February.
China’s February oil shipments from Iran were also up 6 percent year-on-year, according to the same data. Iran’s crude oil exports have been rising over the past four months, ever since Tehran reached a breakthrough deal with six world powers over it nuclear energy program last November.
Earlier this month, the International Energy Agency announced that Iran has steadily increased its export of crude oil since November 2013 as global demand for its energy supplies rose, adding that China’s purchase of Iranian crude has now returned to pre-sanctions level. “Iran’s top oil importers have bought more than 1 million bpd since November, making February the fourth straight month in which Tehran’s oil exports increased despite Western sanctions,” the IEA said in a report. February crude loadings by Iran’s top four buyers – China, India, Japan and South Korea – rose to 1.16 million bpd. China imported 502,500 bpd of Iranian crude oil last month, taking its purchases back to pre-sanctions levels. The Asian country received 564,536 bpd in January.
6 Comments on "Main importers purchase over 1mln bpd of crude from Iran in 4 Months"
Davy, Hermann, MO on Sun, 23rd Mar 2014 2:20 pm
I imagine the US has seen the writing on the wall and the easing of sanctions serves an economic purpose. It is possible the US know some numbers indicating financial or energy difficulties ahead. Just speculating???? We all know what happens once a crack appears in something like sanctions. A crack in sanctions is the equivalent of a small hole in a levee.
Makati1 on Sun, 23rd Mar 2014 3:26 pm
Perhaps the US is learning that it’s sanctions no longer work because the rest of the world ignores them, for the most part. If they try them on Russia it will backfire on the West.
Northwest Resident on Sun, 23rd Mar 2014 9:21 pm
“It is possible the US know some numbers indicating financial or energy difficulties ahead.”
I don’t think you have to speculate on that, Davy. They know it. The U.S. Military knows it. The big oil companies know it. They pretty much all know the party is coming to an end, they just aren’t letting on that they know, with rare exceptions.
The fact that they’re letting more Iranian oil on the market now could only be because they actually need that oil. They probably need it desperately. It looks like we’re scraping the literal bottom of the barrel worldwide in terms of what’s left of oil supplies.
Aaron on Sun, 23rd Mar 2014 11:42 pm
Yeah, strange how Iran was mysteriously brought in from the cold after all these years. Next thing you know, all the majors are lining up for contracts. The west really can’t afford any of the ME countries to blow up now. The spigots need to be open.
Northwest Resident on Mon, 24th Mar 2014 2:32 am
If North Korea discovered a significant amount of oil and became export-capable, they would quickly be rehabilitated by the world powers and we’d be buying oil from them. If the gates of Hell swung open and Lucifer announced a large volume of oil reserves, we’d be building pipelines to Hell. Anything to keep the party going. Anything to save our sorry asses.
Boat on Mon, 24th Mar 2014 3:50 pm
If the US didn’t export petroleum products we would need no imports except oil from Canada. After the next big price hike there will be enough demand destruction we won’t even need Canada.