Business as Normal For Iranian Oil


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


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