Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions
Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the UAE since…
Ship Collision; Iranian Tanker Burns; 32 Missing
A tanker carrying Iranian oil and run by the country's top oil shipping firm was ablaze and spewing cargo into the East China Sea on Sunday after colliding with a Chinese freight ship, leaving the tanker's 32 crew members missing, the Chinese government said.Thick clouds of dark smoke could be seen billowing…
Oil Slips as Rally Fades
Polls tip Britain likely to remain in EU; Saudi Arabia's crude oil exports dropped in April. Oil prices fell on Tuesday after a strong two-day rally abated amid volatility fed in part by a vote later this week in Britain that will determine whether the country will leave the European Union. A one-month…
Iran Boosts Kharg Island's Oil Export Capacity
Iran has increased its crude exports capacity at its main terminal on Kharg Island to allow eight tankers to load simultaneously, the oil ministry's news agency Shana reported on Monday. Following upgrades to infrastructure over the past two years eight tankers can berth at the terminal's eastern harbor…
Shell Resumes Iranian Oil Purchases
Royal Dutch Shell has resumed purchases of Iranian crude, becoming the second major oil firm after Total to restart trade with Tehran after the lifting of sanctions, trading sources said and ship tracking data showed. Shell declined to comment. According to shipping data, Shell fixed Suezmax tanker Delta Hellas to bring 130…
Iran Snags More European Oil Buyers in Slog for Market Share
Two European refiners are set to receive their first oil cargoes from Iran since international sanctions were lifted in January against the country, which is ramping up crude exports in a battle to take back market share. Iran has pledged to increase production following sanctions lifting, and it declined…
Cepsa Resumes Iranian Oil Supplies to Spain
Spanish refiner Cepsa will ship a 1-million barrel cargo of Iranian oil to its refineries, according to vessel agents' data and market players' information on Wednesday. Global oil markets, already oversupplied, have been jittery over the return of Iranian oil after the lifting of international sanctions imposed over Tehran's nuclear programme.
