Touching upon the latest status of oil exports, Roknodin Javadi said “at the present time, the volume of Iran’s crude exports excluding gas condensates has reached two million barrels per day”.
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US crude futures fell 26 cents to $48.15 a barrel, having settled down 41 cents in the previous session.
Before the impositions of sanctions, Iran was exporting oil to almost over 2.2 million barrels, which now is expected to be the export of Persian Gulf state by mid summer Rokneddin Javadi, managing director of National Iranian Oil Co., told Mehr news agency, the report stated.
In what analysts say is an entirely predictable replay of events that led up to the scuttled Doha talks to freeze production rates, Iran has reiterated that it won’t cooperate in the rumoured upcoming freeze discussions at the Organization of the Petroleum Exporting Countries’ (OPEC) annual meeting in Vienna on June 2.
The International benchmark Brent futures fell 1.05 pct to $48.22 and West Texas Intermediate (WTI) dipped 1.08 pct to $48.68 by 0900 GMT. While U.S. imports of primarily crude oil from Venezuela have been on the decline, U.S. exports of petroleum products to Venezuela have increased largely because of Venezuelas tight finances that leave it unable to invest and maintain its own domestic refineries.
The official stressed Iran won’t stop oil exports and production if OPEC doesn’t revive its quota system.
“We’re gearing up on expectations that the wildfires in Canada may finally be showing up in United States crude inventory numbers”, said Phil Flynn, analyst at the Price Futures Group in Chicago.
WTI has now risen 83.7% and Brent 58.4% from their respective lows this year, both only three months ago on February 11.
Russian Energy Minister Alexander Novak said that it was unlikely to agree on any coordinated action regarding the oil market in the OPEC meeting next month on June 02nd.
“Estimates suggested that output was reduced by over a million barrels per day”.
NEW YORK – Oil prices rose on Tuesday as investors anticipated a weekly drawdown in USA crude inventories that they hoped would boost prices closer to $50 a barrel, while a rally on Wall Street also lent support. To learn more about this, please read Market Realist’s Why US Crude Oil Rig Count Was Flat for Week Ended May 20.
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Officials said Nigeria’s output had slumped to 1.4 million barrels per day from 2.2 million because of the unrest.
