Contact your team
360o

Market
update

06-07-2015

Iran Fuel Oil Deal with Turkish Company "Expected Soon"

Talks are reportedly being held with an unnamed "serious new" Turkish company, according to Iranian media.

An unnamed Turkish company\u00a0is in negotiations to import fuel oil from Iran, and a signed agreement with a "serious new customer" is expected soon, according to Iranian media.

Iran is said to have 41 million litres of excess fuel oil, due in part to sinking fuel oil consumption in the country.

The country's oil industry has also been subject to various Western sanctions, although reports from earlier this year indicate the export restrictions have had questionable impact\u00a0on its fuel oil activity, with one source going as far as saying the economics of UAE's fuel oil and bunker markets "just don't work" without Iranian oil.

Iran reportedly exports between 200,000-600,000 metric tonnes (mt) of fuel oil per month\u00a0depending on domestic consumption, which dropped by 25 percent to 25.5 million litres between March 20 and June 20.

As a result, Iran is said to be offering its excess fuel oil to passing ships in the Persian Gulf and the Strait of Hormuz, and is in talks with a number of countries to acquire export deals.

The report also suggested that while Iran has long-term contracts to sell fuel oil with the Persian Gulf littoral states, including the port of Fujairah, a new marketing effort has begun to increase sales of Iranian product.

In June, Iran told OPEC to "open space" for the country's increased oil production\u00a0in anticipation of sanctions being lifted in the near future.


Latest
news

30-05-2018

What's Next: a glance into the future of shipping

21-09-2017

First Voyage for European LNG Bunker Tanker

Skangas duel fuel LNG carrier Coral Energy (image credit/Skangas) Liquified natural gas (LNG) bunker tanker Coralius has made its first trip loading and delivering LNG to and from Norwegian ports, according to trade press reports. The 5,800 cubic meter capacity tanker, which is owned by Norwegian gas company Skangas, was delivered to the company in June. Skangas also operates LNG carrier Coral Energy. "Skangas off
04-09-2017

OPEC Cutback Extension to be Discussed in November, But Developments Could Render Any Deal Meaningless

Analysts say everything from Saudi exploration to rising tensions with North Korea could radically alter the dynamics of the international market. File Image / Pixabay Ever since the Organization of the Petroleum Exporting Countries (OPEC) extended the duration of its production cuts earlier this year to March of 2018, speculation has been rampant that the meager cutback volume coupled with the large number of members
  
BMS Bunkers

360° Contact 24/7

0o
60o
120o
240o
300o