Expert: Iran's international oil market position revivable

Expert: Iran's international oil market position revivable

Baku, Azerbaijan, Jan. 14

By Dalga Khatinoglu - Trend:

Iran hopes to revive its position in global oil markets lost to imposition of western sanctions.

Iranian Oil Minister Bijan Namdar Zanganeh said on Jan.13 that Iran aimed to export 1.4 million barrels of oil and condensate in the next Iranian calendar, which will start on March 19.

According to International Energy Agency's report released on Dec. 11, Iran's oil exports are already rebounding after an interim deal with the West but the Islamic Republic won't flood markets even if international sanctions are lifted.

Hooman Peimani Research Fellow at the Asia Pacific Energy Research Center (APERC) told Trend on Jan.14 there is room for Iran's increasing its oil exports as it has under-utilized export capacity.

Iran's oil and condensate export altogether amounted to about 2.5 million barrels per day in 2011, but fell to 1.5 million in 2012, according to the U.S. Energy Information Administration.

This amount decreased to about one million barrels per day during 2013.

After the nuclear deal between Iran and Sextet powers achieved on Nov. 24, which will take effect on Jan. 20, Iran hopes some restrictions on its oil exports will be eliminated.

Peimani says that Iran will likely increase its oil exports as the lessening of tension in Iran's relations with the Western countries over its nuclear program and other issues, including Syria, will enable Iran's major Asian oil customers (China, India, South Korea, Japan and Taiwan) to increase their oil imports from Iran.

"Regardless of the availability of supplies in the global oil markets, these countries have strategic interests in expanding their energy cooperation with Iran and particularly importing Iranian oil as Iran has the world's second largest conventional oil and gas reserves whose volume is increasing due to many new discoveries of oil/gas in Iran", he said.

The nuclear deal also allows Iran to access $4.2 billion oil export revenues that were blocked due to sanctions.

Iranian Oil Minister said on Jan. 9 that $32 billion of the Iran's $34 billion oil exports during the last 9 months has been receipted and deposited to the Treasury. He didn't explain the method of payment of these transactions.

Peimani says that it is difficult to say how Iran can transfer the mentioned amount in absence of reports as to the exact share of Iranian oil imports of its known major customers, mainly China, India, South Korea,Japan and Taiwan.

"Without knowing this, I could state that, in general, depending on the case (importing country), the mentioned amount could be given to Iran in one of the following forms: used for importing goods from those countries, deposited in Iran's account there in dollars/Euros, deposited there in the local currencies, transferred to Iran through non-Western banks in dollars/Euros or those countries' currencies.

Edited by C.N.

Weekly actual topics in Azerbaijan (April 16-20)
Weekly actual topics in Azerbaijan (April 16-20)
Weekly tenders in the region (April 16-20)
Weekly tenders in the region (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Last week’s laws, orders and decrees in Azerbaijan (April 16-20)
Loading Bars
Latest
WHO head claims as global COVID cases drop to 630,000 per day
US Department of Energy retains forecast for Brent oil price at $62.3 per barrel in 2021
Samsung sees pandemic-led appliances boom extending run to rest of year
Next meeting on electoral reform to be held on May 14-16
Central Bank of Azerbaijan allocates funds to support financial literacy
Turkish State Mine Administration opens tender for rental of vehicles
Lending to electricity sector in Azerbaijan increases
Kazakh KazMunayTeniz to buy diesel fuel via tender
Iran's Petropars Company orders equipment from local manufacturers
Turkey reports over 14 400 COVID-19 cases
Some of children may be taken to Moscow for treatment after school shooting in Kazan
UN chief condemns Kazan school shooting
Gaza block collapses after Israeli strike, rocket hits Tel Aviv building
Kazakhstan supports solution of Palestinian-Israel conflict by peaceful means
Georgia likely to receive Novavax and Johnson & Johnson vaccines in July
Kazakhstan’s liquids production down in March - OPEC
COVID-19 cases decrease in 80 provinces in a week
Iran, Afghanistan discuss Afghan peace process
Israeli PM says to increase strikes against Gaza militants
Arab FMs kick off emergency meeting on Jerusalem tensions
Hamas and Israel step up attacks as Jerusalem unrest ignites Gaza
No need to evacuate people injured in Kazan school shooting to Moscow
Сompetition season of 2021 successfully started - European Gymnastics President
Identification of victims in Kazan school shooting completed
26 COVID-19 patients dead allegedly due to oxygen shortage in India's Goa
Japan's COVID-19 patients in "serious condition" hit fresh record high
Azerbaijani president, first lady express condolences to president of Tatarstan
President Aliyev expresses condolences to Russian counterpart
Iran's Energy Exchange announces products to be on sale on May 12
Bahar Azadi gold coin price continues to rise in Iran
Foreign investors waiting for decision related to FATF in Iran – official
Azerbaijani journalists view State Border Service's Military Hospital in liberated Gubadly (PHOTO)
Demand for OPEC crude in 2021 revised up
Turkish export of electrical goods to Azerbaijan drops
Shares of Kazakhstan's KAZ Minerals delisted from stock exchange
Export Development Bank of Iran to provide loans to startup companies
Data on cargo shipment through Turkish Kocaeli port over 1Q2021 revealed
Kazakhstan reports increase in new housing prices
Azerbaijan's ADIF continues compensating depositors of closed banks
Turkey sees increase in cement exports to Georgia
Cargo movements in Iran’s Shahid Rajaee port increase
OPEC marks increase in Baku-Tbilisi-Ceyhan oil exports
Guaranteed wheat purchasing from farmers in Iran continues
Iran to inaugurate new airport in Kurdistan Province
Iran to build new factory at Amirabad port
OPEC revises up forecasts for Azerbaijan’s liquids supplies in 2021
Azerbaijan reveals number of vaccinated citizens for May 11
Azerbaijan confirms 514 more COVID-19 cases, 1,306 recoveries
Iran reveals COVID-19 data for May 11
Iran’s PMO unveils volume of cargo transportation via Abadan Port
Iran shares unemployment data
Georgia export to Germany increased by 40%
Uzbekistan, Kyrgyzstan eye accelerating implementation of roadmap for industrial co-op
FDA to attract funds to support reforms in Uzbekistan
Uzbek-Chinese JV opens tender for spares for gas pumping units
Iran starts mass production of coronavirus vaccine
Russia boosts steel imports from Turkey
Volume of cargo shipment via Turkish Karabiga port in 1Q2021 revealed
Renewables to account for 90% of total global power capacity increases in 2021-2022
Annual renewable capacity additions reach highest level since 1999
Oil dips as pipeline outage fears ease, India weighs
First batch of Sputnik V vaccine arrived in Azerbaijan just a few days ago, more significant shipments expected later this month - Russian FM
Statements reeking of revanchism, are very dangerous, first of all for Armenian side - President Aliyev
Restriction on movement likely to ease in late May in Georgia
Since end of hostilities, we transferred all prisoners of war - President Aliyev
Azerbaijan shows goodwill in matters related to humanitarian issues - President Aliyev
Post-conflict situation, of course, dictates need for closer contacts at all levels - President Aliyev
Heroization of Nazism in all its forms - unacceptable - Azerbaijan FM
Gaza escalation weighs on shekel
Issue of unblocking transport in region must be prioritized - Azerbaijani FM
Humanitarian issues must be resolved as quickly as possible - Russian FM
Russian FM notes key factor in normalizing situation in Karabakh
Russia highly appreciates work of trilateral group of deputy prime ministers of three countries - Russian FM
Azerbaijan committed to fulfilling its obligations under trilateral agreement - Azerbaijani FM
Nine killed in Kazan school shooting
Second batch of Sputnik V vaccine to be delivered to Azerbaijan by late May - Russian FM
FMs of Azerbaijan, Russia sign plan of consultations for 2021-2022 (PHOTO)
Azerbaijan condemns all terror acts - Azerbaijani FM
Uzbekistan reveals number of vaccinated people
Uzbekistan considers attracting French companies to partake in state assets privatization
Uzbekistan signs memorandum of understanding with French Rothschild & Cie
Uzbekistan reveals numbers of companies with dominant position in market
Uzbekistan taking measures to improve availability of public services
Iran and India trade declines due to COVID-19
Azerbaijani president congratulates Azerbaijani people on Ramadan holiday
Armenian railways are owned by Russian railways, therefore, we are discussing issue mainly with Russian side - President Aliyev
Indian Army sets up 100-bedded hospitals in Faridabad, Chandigarh, Patiala
Indian FY22 growth may slip to 8.2%: Crisil
Twitter Donates $15 Million For COVID-19 Relief In India
President Ilham Aliyev criticizes statements of Canada's, France's MFAs: Let them mind their own business
Startups fight COVID-19: How healthtech startup Meddo is helping tackle the hospital bed crisis
Outpouring of support from US for India, Covid-19 help touches USD half a billion
Zangazur corridor must and will be opened - President Aliyev
PFPA-Musavat duo mobilized all their resources to overthrow Heydar Aliyev in Nakhchivan - President Aliyev
This visit to Nakhchivan has great symbolic meaning - President Aliyev
President Aliyev warns revanchists in Armenia: They shouldn’t play with fire
Military equipment available to Nakhchivan Army today probably superior to equipment of some advanced countries - President Aliyev
Russian FM visits tomb of National Leader Heydar Aliyev
There is no territorial unit called Nagorno-Karabakh in Azerbaijan - President Aliyev
Iran and Serbia plan to develop trade ties
All news