An escalation in US rhetoric in the ongoing trade war with China as well as falling Iranian exports will have an impact on supply and demand, with Opec collectively acting to balance oil markets, the group’s secretary general said yesterday. on Tuesday.

“Trade is a major quantum in the overall global economic equation and whatever affects the free flow of trade will ultimately impact growth and will have an impact on oil demand and also"...

Oil exports from Iran showed a surprise rebound in the first half of September from the same period in August, preliminary tanker tracking data showed, but loadings still remain below the average exports of August as key buyers start to reduce dependence on Iran's oil.

This is a timely reminder to the market that the sharp downward trend in Iran's crude supply may not be so straightforward and that moving forward, demand from India, China"...

Bloomberg US news agency reported on Sunday that Iran’s oil exports had declined nearly to one third since US President Donald Trump announced the reimposition of sanctions on Tehran following his withdrawal from the nuclear weapons deal in May.

Bloomberg’s report explained that Iranian oil exports reached less than 2 million barrels per day in August, which could push prices to more than $ 80 per barrel.

According"...

Iran exported 4.17 million tons of gas condensate worth $2.17 billion during the first five months of the current Iranian year (March 21-August 22), the Iranian Customs Administration data showed.

The country’s five-month condensate exports fell nearly 40 percent in terms of weight compared to the same period last year, ISNA reported.

The figure also shows a decrease"...

In August, South Korea imported 232,723 tons of Iranian crude, or 55,028 barrels per day (bpd), customs data showed on Saturday.

The data is based on customs clearance and there could be a time discrepancy between clearance and goods’ arrival, according to Reuters.

South Korea’s oil imports from Iran dropped 41.4 percent to 7.15 million tons, or 215,807 bpd,"...

Oil cartel OPEC has 'not much credit' left as some members are turning it into 'a tool for the US', a senior Iranian official said in comments published Saturday.

'Saudi Arabia and the UAE are turning OPEC into a tool for the US and consequently the organisation has not much credit left,' Iran's OPEC governor Hossein Kazempour Ardebili told the Shana newswire, affiliated to Iran's Oil Ministry.

'It"...

Iranian President Hassan Rouhani spoke last week of plans to relocate Iran’s main oil export terminal from Kharg Island, deep in the Arabian Gulf, to Bandar-e-Jask in the Oman Sea. He claimed the move would be completed by 2021, the end of his term in office.

The Iranian president’s comments are nothing new. Back in February, the CEO of Iran’s Petroleum Engineering and Development Company discussed the project. He claimed that"...

Crude oil futures were higher during mid-morning trade in Asia Monday amid higher US oil rig count data and continuing focus on looming US sanctions on Iranian crude.

At 10:35 am Singapore time (0235 GMT), ICE November Brent crude futures were up 45 cents/b (0.59%) from Friday's settle at $77.28/b, while the NYMEX October light sweet crude contract was up 36 cents/b (0.53%) at $68.11/b.

The"...

After the United States re-imposed sanctions, India’s crude oil and condensate exports from Iran have dropped below 70 million barrels, shooting up petrol and diesel prices. In August, 8.2 million barrels of oil headed for India, down from over 20 million barrels in each month since April.

The preferential treatment with the Iranian oil comes in the form of the 60-day credit for purchases, double the time given by other producers, and freight"...

Iran is reportedly in talks to salvage a lucrative deal with a giant international oil trader as companies pull out the country ahead of the reimposition of US sanctions on the country's oil industry.

Switzerland's Vitol, one of the world's largest crude oil traders, signed a $1 billion pre-finance agreement with Iran's state oil company in early 2017 after US sanctions were lifted under the 2015 nuclear deal, according to reports"...