Tag Archives | oil exports

Resumption of Iranian Oil Exports off to slow start

By Dr. David Ramin, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. In mid-January, an Iranian oil tanker leased to a Spanish oil company reached Europe. It called at the Port of Algeciras in Spain two days after the one-year anniversary of the implementation of […]

Polish Refiner wants Long-Term Iran Oil Deal

By John Lee. State-owned Grupa Lotos, Poland’s second-biggest oil refiner, is reported to be interested in securing a long-term supply deal with Iran. Having received 2 million barrels of Iranian in August, the company is now in talks to take another 2 million barrels. Company CEO Marcin Jastrzebski (pictured) told Reuters: “We are negotiating a […]

Iran Oil Exports to Rise Slightly in February

By John Lee. Iran’s exports of crude oil and condensate are reportedly expected to increase slightly to just over 2.20 million bpd in February, up from 2.16 million bpd in January. But according to a report from Reuters, this is the lowest rate since July, and considerably below the high of nearly 2.6 million bpd […]

Vitol in $1bn Pre-Finance Oil Deal with Iran

By John Lee. The world’s largest oil trader will lend the National Iranian Oil Company (NIOC) the equivalent of $1 billion in euros guaranteed by future exports of refined products. Sources told Reuters that the deal with privately-held Vitol was signed in October and will come into effect this month, and has an interest rate […]

PKN Orlen to buy Iranian Oil

PKN ORLEN has purchased 1 million barrels of Iranian Light oil. It will be delivered to Naftoport in Gdańsk in January, to be then transported to the PKN ORLEN refinery in Płock. The company said the newly initiated cooperation with the National Iranian Oil Company (NIOC) fits into its oil procurement strategy designed to build […]

Oil Exports to Tumble to Five-Month Low

By John Lee. Iran’s crude oil exports are expected to drop by 8 percent from November to December, according to a report from Reuters, which describes it as a sign that Iran may not be able to keep its oil production on a continued growth curve. Total exports are expected at 1.88 million bpd this […]

France’s Imports from Iran Skyrocket

France’s imports from Iran in the first nine months of 2016 show a staggering 34-fold rise compared to the corresponding period last year, thanks to resumption of oil imports after coming into force of the Joint Comprehensive Plan of Action (JCPOA). Iran-France trade has tripled since implementation in January of the JCPOA, a nuclear agreement […]

Rouhani’s Budget Proposal Reverses Declining Reliance on Oil

By Alireza Ramezani for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iranian President Hassan Rouhani presented the last budget bill of his current term to the parliament Dec. 4. The state budget for the next Iranian year, beginning March 21, 2017, will exceed 10 quadrillion rials […]

India Invests $5.5bn in Iran to Raise Refinery Capacity

By John Lee. A $5.5 billion investment by the Indian Oil Corporation (IOC) will increase the capacity of the firm’s smallest refinery, co-owned by Iran, to 300,000 barrels per day, according to a report from OilPrice. Reuters reports that the project to renovate Chennai Petroleum Corp.’s Nagapattinam refinery will allow Iran to meet demand for […]

Iran’s Oil Exports Exceed 2m bpd

Iranian President Hassan Rouhani said on Tuesday that the country’s export of crude oil in the past month surpassed 2 million barrels per day (bpd), pointing to a range of options Iran has today for choosing the customers or the foreign currency for selling its oil. One of the major achievements of the Joint Comprehensive […]