Vitol Says It’s `Business as Normal’ as Trader Buys Iranian Oil
Iran has officially planned to boost their oil exports by 500,000 barrels a day in the next few months. To achieve the target, for the first time they have decided to export 300,000 barrels a day to europe and the rest to Asia.
Vitol group anticipates that by mid year Iran will produce nearly 500,000 barrels a day and add another 200,000 barrels a day by year-end.
Iran Export plans:
- Plans to export as much as 300,000 barrels a day of crude to Europe.
- Plans to ship about 160,000 barrels a day to Total starting on Feb. 16.
- Tehran plans to complete an oil purchase agreement for about 100,000 barrels a day.
- Italy’s Saras SpA refinery is also interested in buying 60,000 to 70,000 barrels a day.
Vitol executive, Taylor said, “They’re very sharp, very good. They haven’t changed a lot,” he said. “So we’ll carry on the discussions that we dropped off a few years ago.”
Source: Bloomberg
