Glencore seeking to Increase Oil Trading with Iran

By John Lee.

Reuters reports that Glencore is seeking to increase oil trading with Libya, Iran and Iraq to beat what looks to be a much tougher trading environment compared with last year.

Alex Beard, the company’s global head of oil, told the Reuters Commodities Summit, “we are currently lifting products from (Iran’s) NIOC and private firms and are looking to expand into crude,” adding he was looking into pre-financing Iranian exports.

Beard said Glencore would be seeking to trade more crude from the Middle East, including Iraq and Iran, as well as from Libya and Russia.

(Source: Reuters)

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