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Iran offers oil price discounts for Asian customers

- Iranian oil move is part of the nature of the global markets being offered by all oil exporters, IRNA states

home > Oil, Finance, Middle East-Africa, General 14.08.2018 10:43 Gülşen Çağatay

Iran offers oil price discounts for Asian customers

Iran is providing discounted oil prices to Asian markets, the Islamic Republic News Agency (IRNA) quoted an informed source at Iran's Ministry of Petroleum as saying on Monday.

According to IRNA, the move has been taken based on the norms of the oil market and in harmony with discounts given by other oil exporters.

"Discount is part of the nature of the global markets being offered by all oil exporters," IRNA stated.

China and India still continue importing Iran's oil regardless of the U.S.' exit from the Iran nuclear agreement in May and its pressure on other countries to follow Washington's sanctions against Iran.

Tension between Washington and Tehran mounted since May, when the U.S. withdrew from a 2015 nuclear deal signed between Iran and the P5+1 group of nations - the five permanent UN Security Council members plus Germany.

The 2015 agreement placed strict restrictions on Iran’s nuclear program in exchange for billions of dollars in sanctions relief.

On July 2, the U.S. State Department announced its intention to reduce Iranian oil revenue to zero. The following day, Iran's President Hassan Rouhani warned that if the U.S. impeded Iran’s oil exports, those of the region’s other oil producers would suffer a similar fate.

The first round of the U.S. pre-nuclear deal sanctions on Iran, largely targeting the country’s banking sector, became effective on Aug. 7.

The second round of the U.S. sanctions, which is expected to come into effect on Nov. 5, targets Iran's energy sector.

Iran exports 2.2 million barrels of oil daily to China, India, the European Union, South Korea and Japan.

Reporting By Ahmet Dursun

Writing By Gulsen Cagatay

Anadolu Agency

energy@aa.com.tr



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BP invests $5M in US firm for artificial intelligence

- The technology will apply machine learning and cognitive computing in BP's oil and gas businesses
30.01.2019 Upstream , Invesments , Europe , Americas

Oil prices up as US sanctions Venezuelan oil firm

- Sanctions to significantly diminish Venezuela's oil exports
29.01.2019 Upstream , Oil , International Relations , Americas

OMV acquires 15% share in ADNOC Refining

- OMV acquires 15% share in ADNOC Refining and 15% share in a to-be-established trading joint venture
28.01.2019 Refining/Petro Chemistry , Europe , Middle East-Africa , General

Eni to buy 20 pct equity interest in ADNOC Refining

- Agreed terms of deal include cash price of approximately $3.3 billion after deduction of net debt
29.01.2019 Refining/Petro Chemistry , News from companies , Middle East-Africa

Turkey's crude oil imports down by 24.2 pct in November

- Total oil product imports also fall by 19.3 percent
29.01.2019 Downstream , Turkey , General

Oil prices down with rising rig count at start of week

- Number of oil rigs in US rises for first time this year
29.01.2019 Upstream , Americas

Islamic bank to lend Pakistan oil worth $4.5 billion

- Islamic Development Bank to lend oil worth $4.5 billion in three years, Pakistani official said
28.01.2019 Oil , Finance , Asia , Middle East-Africa

US oil rig count shows increase in week

- Number of oil rigs rises by ten, bringing crude prices down
27.01.2019 Oil , Americas

Venezuela’s oil trade with US will continue: Maduro

- ‘If they want to buy oil, we will sell oil. If they do not want to buy anything, we will not sell,’ says President Maduro
27.01.2019 Oil , Americas

Global slowdown worries keep oil prices under pressure

- Brent crude, the most widely used benchmark, loses 3 percent in week amid worries over economic slowdown
26.01.2019 Oil , Stock Market , World

US crude inventories rise, production declines slightly

- Crude oil inventories rise by 8 million barrels last week
26.01.2019 Refining/Petro Chemistry , Americas

ExxonMobil, REG focus on cellulosic biofuel potential

- ExxonMobil and Renewable Energy Group partner with Clariant to advance cellulosic biofuel research, company announces
25.01.2019 Refining/Petro Chemistry , Geothermal/Biomass , Renewable , Americas , General

Iran discovers oil in SW Abadan region: Minister

- Oil found at depth of 3,770 meters is ‘very light and sweet’, Oil Minister Zangeneh tells local media
25.01.2019 Upstream , Energy Diplomacy , Middle East-Africa

South Korea buys Iranian oil first time in months

- South Korean firms SK Incheon Petrochem, SK Energy import 2 million barrels from Iran
25.01.2019 Downstream , Energy Diplomacy , Middle East-Africa , General

Norway's oil production for December below forecast

- Norway's preliminary oil production for December drops 2.5 percent below Norwegian Petroleum Directorate's forecast
23.01.2019 Oil , Europe , General

Japan resumes Iran oil imports: Iranian official

- In November 2018, US granted exemptions to eight countries including Japan to temporarily continue buying Iranian oil
22.01.2019 Oil , Finance , Asia , Middle East-Africa , General

China’s crude oil refinery output up 6.8 pct in 2018

- Chinese refiners processed record 603.57 million tonnes of crude oil last year amid increased demand
22.01.2019 Natural Gas , Refining/Petro Chemistry , Asia , General

Brent oil rises on strong demand from China, supply cuts

- Chinese refiners increased their output to record 603.57 million tonnes last year, up 6.8 percent from 2017, data reveals
22.01.2019 Oil , Stock Market , World , General

Eni’s Var Energi awarded 13 oil, gas licenses in Norway

- Company gets 4 operatorships, 9 partnerships in licenses covering three main oil, gas provinces on Norwegian Continental Shelf
21.01.2019 Upstream , Upstream , News from companies , Europe

Turkey condoles with Mexico over oil pipeline blast

- At least 66 people were killed, and many others injured in explosion north of Mexico City; 85 reported missing
21.01.2019 Oil , Turkey , Americas , General

US oil rig count shows decrease in week

- Number of oil rigs falls by twenty one, pushing crude prices higher
21.01.2019 Oil , Americas , General

Brent hovers above $61 mark at week ending Jan. 18

- Crude prices fluctuates after release of weaker Chinese trade data and with increase in U.S. crude oil production
19.01.2019 Oil , Finance , Americas , General

OPEC reports 98% conformity to output cuts in Nov. '18

- The monitoring committee calls for redoubling of efforts to maintain oil market balance in 2019, OPEC says
19.01.2019 Oil , Finance , Americas , Middle East-Africa , General

OPEC crude output falls in December '18

- Global oil supply falls by 950 thousand barrel per day in December 2018, led by lower OPEC output ahead of new supply cuts
19.01.2019 Oil , Finance , Americas , Middle East-Africa , General

Global oil supply falls in December '18

- OPEC crude oil production decreased by 751 thousand barrel per day to average 31.58 million barrel per day, data shows
18.01.2019 Oil , Finance , Upstream , Americas , Middle East-Africa , General

US crude stocks fall, but output remains at record high

- Crude oil stocks in US fell by 2.7 million barrels for week ending Jan. 11
18.01.2019 Oil , Finance , Americas , General

Brent will average $61 per barrel in 2019: EIA outlook

- U.S. Energy Information Administration expects Brent crude oil price to average $65 per barrel in 2020
17.01.2019 Oil , Finance , World , General

Genel's 2019 cash flow to reach $100M with crude at $45

- 2018 was a very positive year for Genel, says company CEO
15.01.2019 Oil , Finance , Middle East-Africa , General

Iraq’s oil production doubles in decade: EIA

- Crude oil production in Iraq rose 113 percent between 2007 and 2017
15.01.2019 Upstream , Middle East-Africa

Brent falls below $60 mark at week beginning Jan. 14

- Decline in oil price comes with China's recent weak trade data
14.01.2019 Oil , Finance , Americas , General

US oil rig count shows decrease this week

- Number of oil rigs falls by four
14.01.2019 Upstream , Americas

Brent oil over $61 per barrel at week ending Jan. 11

- Brent oil prices jumps over $60 mark with ongoing trade talks between the US and China generating investor optimism
12.01.2019 Oil , Finance , Middle East-Africa , General

Petrofac secures engineering contract in Brunei

- British oilfield services provider will support onshore and offshore assets of Brunei Shell Petroleum and Brunei LNG
11.01.2019 Oil , Lng/Lpg , News from companies , Asia

Aker energy strikes oil offshore Ghana

- Resources estimated to hold up to 1 billion barrels of oil equivalent
11.01.2019 Upstream , Middle East-Africa

Iranian oil minister arrives in Baghdad for talks

- Visit is aimed at strengthening ties, especially in energy sector, Iraqi Oil Ministry spokesman says
11.01.2019 Oil , Middle East-Africa

US crude stocks fall, but production sees slight rise

- Crude oil stocks in US fell by 1.7 million barrels last week
10.01.2019 Refining/Petro Chemistry , Americas

Pakistan, S. Arabia to ink oil refinery deal next month

- Finance minister says agreement to be signed during Saudi Crown Prince bin Salman's proposed visit to Islamabad
10.01.2019 Refining/Petro Chemistry , Asia

Oil prices down with US output remaining at record high

- Prices retreat after gaining 4 percent in previous trading session
10.01.2019 Upstream , Americas

Morgan Stanley lowers oil price forecast for 2019

- Brent is estimated to average $61 per barrel this year; down from previous forecast of $69 a barrel
10.01.2019 Upstream , Stock Market , Americas

BP to expand its petrochemical presence in South Korea

- Company announces deal to expand production at joint venture with Lotte in Ulsan
10.01.2019 Refining/Petro Chemistry , News from companies , Asia

BP approves Atlantis field expansion in Gulf of Mexico

- Energy giant expects to grow net Gulf production to around 400,000 barrels of oil equivalent per day over next decade
10.01.2019 Upstream , News from companies , Americas
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