Iran’s first post-sanction oil shipment to Greece expected in Feb
Before the sanctions were imposed, Hellenic Petroleum was a major buyer of Iranian crude. Greece had reportedly been sourcing around 20% of its annual crude oil imports from Iran before sanctions were imposed. Hellenic Petroleum was unable to pay its debts, which amounted around $550-600 million, to NIOC when international sanctions were imposed on Iran, limiting Iranian access to the international banking system.
Previously, Iranian officials also reported that NIOC is preparing to ship at least 1 million barrels of light crude to the European Union (EU) as early as February.
Following to removal of sanctions on oil exports, Iran reported that they will export an additional 500,000 barrels a day of oil per day (bpd) in the next few months and an additional 1 million barrels a day within a year. Most of this allocation will be supplied to Europe while the remainder will be directed to Asia.
Iran is reportedly trying to regain its market share lost during the sanctions period while also aiming to remain competitive with Russian and Saudi Arabian oil as these countries have been aggressively discounting crude oil exports to Europe due to growing supply concerns stemming from Iran’s return to the market.
Although other European oil companies such as Total, Royal Dutch Shell PLC and Cepsa are said to be in talks to buy Iranian crude, sources report that European oil companies remain wary of purchasing Iranian oil as legal uncertainties over the lifting of sanctions remain in place.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Stats: China’s total PP imports spike in May; Vietnam and India’s rising shares shine out
- Tight supply drives HDPE, LLDPE gains in Southeast Asia
- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem
- PE buyers’ resistance grows in SEA; duty-free origins more competitive than Mid-East
- Polymer demand cools in Turkey: Is price correction ahead for PP, PE and PVC?
- China’s rising PET trend takes a pause, but longer-term outlook remains firm