Posted on 07/06/2023 5:29:46 AM PDT by NautiNurse
Iran’s oil exports have hit a five-year high in recent months as the country sells more to China and other countries, adding large volumes of discounted crude to a global energy market already struggling amid concerns over demand.
The surge in Iran’s oil supply threatens to upend efforts by Saudi Arabia and other major crude producers to prop up prices by cutting output. Oil’s value has fallen by about a fifth since late last year on expectations of a slowing global economy and a glut of cheap Russian cargoes.
It also shows how Iran is increasingly circumventing U.S. sanctions as the Biden administration quietly resumes talks with Tehran in a bid to win the release of American prisoners held by the Islamic Republic and curb its growing nuclear program.
[Snip]
While the scale and final destination of Iran’s oil sales are difficult to gauge, given their often covert nature, data from several firms monitoring the global energy trade indicate that China remains its top customer. Beijing directly imported 359,000 barrels a day of Iranian oil in May, up from about 266,000 barrels in the same month last year...
[Snip]
Among the other top buyers of Iranian crude are Syria and Venezuela, both of which are under American sanctions. Iran is also seeing growing interest for its oil from other buyers in Latin America and Africa, Iranian traders say.
[Snip]
(Excerpt) Read more at wsj.com ...
India and Pakistan play the east and west off against each other for their benefit.
NATO gets Uncle Sugar to do the heavy lifting against Ukraine.
Taiwan has no real military draft to speak of. .
Are we the saps of the world?
This is Joe’s chance to replenish the “EMERGENCY” fuel he squandered trying to buy votes.
The Biden administration is definitely working against U.S. interests.
Venezuela, which sits on huge oil reserves can't even get it out of the ground anymore and has to go begging to the ayrans. Ah, the bitter fruits of communism.
Dear GOD bring again the Spirit of 1776, where men and boys, against unspeakable odds, suffering defeat after defeat, continued on (prayed through?) to achieve our Independence
Iranian oil sales help Biden in trying to lower gas prices. I doubt he is crying about it.
Peak oil! The world is going to run out.
To date, the Biden administration has purchased 6 million barrels this year to replenish the SPR, with plans to buy a paltry 12 million barrels total in 2023.
Gee, I wasn't aware that the largest ships on the sea, Oil Tankers, were hard to track via satellite!
Oh gosh, golly, gee. What shall we do now?!
Under the pResident Biden mis-Administration, the most corrupt regime in the world, the answer is an unqualified
I was going to point out the same thing. It just goes to show how bad things are in Venezuela that they have to import oil from Iran when they a literally sitting on the biggest reserves in the world.
Easy as reviewing security cameras in the White House for cocaine drop.
Venezuela exported more than 715,000 barrels per day (bpd) of
crude and refined petroleum products in June, up by 8% from
May...Venezuela exported more than 715,000 barrels per day (bpd) of
crude and refined petroleum products in June, up by 8% from
May... oilprice.com
The biggest buyer of Venezuelan oil in June was China, as
usual, either directly or via transshipments in Malaysia. Iran
also received several cargoes under a swap deal it has with
Venezuela, with both countries under U.S. sanctions on their
exports. Iran received Venezuelan crude and fuel oil, while
Venezuela imported Iranian condensate.
Can I get some of that please? Remember when we were a next exporter?
India has made a lot of money ever since Russia invaded Ukraine. This is because they were purchasing Russian crude at a $30/barrel discount to the Brent Sea crude spot price. I calculated the amount of money they were making everyday off of this when it first started. It was millions/day.
India then turns that oil into Diesel or gasoline and then sells it to the countries that put the embargo on the Russian oil. They also transload some of that oil from one tanker to another. Maybe mix a little Nigerian oil with it and then sell it to a country that is embargoing Russian oil. Lastly, they change the BOL on the oil tanker and then sell it to any one who will buy it.
Oil is a fungible commodity. There is no chemical signature that identifies Russian oil from Nigerian Oil, North Dakota oil except the sulfur content. Sweet crude vs. sour crude.
When there is the opportunity to make millions of dollars/Euros/cash there is great motivation to cheat on the paper work.
NET! DOH! More coffeve STAT!
This is why the US gulf refineries for years bought Venezuela crude. The refineries in TX/LA are the best in the world. They are also the most efficient/productive. They are better at breaking down petroleum than any other place in the world.
They also have excess capacity. Which was the reason Keystone II was destined to bring heavy sulfur Alberta crude there.
This is also why the USA continues to IMPORT crude from around the world. They then EXPORT petroleum distillates that are worth 3x(or more) the cost of that same barrel of oil. Thereby, improving our trade deficit.
Not positive on this but think that GCMS and maybe ICP analysis can match crude down to the specific oil field. Blending two oil fields is probably not too difficult to determine the mix. Just takes a few more seconds or minutes of computer time.
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