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Iran to invest big in CPCL
Jan. 2, 2019

Iran to invest big in CPCL

In an interview last week, the managing director of Chennai Petroleum Corp. informed that Iran will invest about Rs.1,500 crore in the expansion of CPCL’s Nagapattinam refinery. The expansion project will boost the facility’s capacity to 9 million tpa. The proposed investment will be Naftiran Intertrade Co.’s stake of the Rs 27,500 crore expansion plans. The Persian Gulf country has suffered severe hits on its oil exports due to US sanctions.

India and Iran find an alternate payment plan
Dec. 20, 2018
Source: Energy Voice

India and Iran find an alternate payment plan

According to the sources, India and Iran have agreed on a payment plan to overcome US sanctions. India will deposit the amount for crude imports from Iran into its escrow accounts of 5 banks which are held with state-run UCO Bank Ltd. The part of this payment will be used by Iran for purchasing essential goods from India, considering that all the spending will be in Indian currency.

US urges Iraq to move towards true "energy independence"
Dec. 12, 2018

US urges Iraq to move towards true "energy independence"

US has asked Iraq to reduce its dependency on Iran. In a meeting with top Iraqi officials in Baghdad, Rick Perry, the US Energy Secretary has urged Iraq to replace Iran with America and open the energy sector for American investment. Presently, Iraq is in a delicate situation because even after the renewed US sanctions, the nation is still reliant on Iranian gas for its electricity production.

CNPC replaces Total in South Pars project
Nov. 26, 2018

CNPC replaces Total in South Pars project

Oil Minister of Iran has informed that CNPC of China has officially replaced energy giant Total in the multibillion-dollar South Pars gas project of Iran. In August, when Total did not receive a waiver from US sanctions against Iran, the company informed the Iranian authorities about its plan to withdraw from the project. Total had 50.1% stakes in the project and now CNPC already holds 30% stakes in the field.

New wave of US sanctions hit Iran
Nov. 5, 2018
Source: BBC

New wave of US sanctions hit Iran

A new wave of US sanctions hit Iran’s core parts of the economy yesterday. The US is said to have imposed its "toughest ever" sanctions against the Persian country. The US administration re-imposed sanctions this year after President Trump pulled out of the accord signed in 2015. The Nov 4 wave will target more than 700 individuals, entities, vessels and aircraft.

US might grant waiver to India
Nov. 1, 2018

US might grant waiver to India

US has almost agreed to grant waiver to India owing to the decision India made to cut oil imports from Iran. A source informed “India and the US have broadly agreed on waiver. India will cut import by about 35% from last year (2017-18), which is a significant cut”. Iran will face re-imposition of sanctions from November 4 after which no one can do business with Tehran without US’ consent.

Hyundai E&C drops $521m deal in Iran
Oct. 30, 2018
Source: Reuters

Hyundai E&C drops $521m deal in Iran

Hyundai Engineering & Construction yesterday informed through a regulatory filing about dropping the $521 million deal to construct a petrochemicals complex in Iran. The South Korean firm cited US sanctions on Iran as the reason. It said that the Iranian customer’s ability to fund the project had been hit by the outlook of sanctions against the Persian country.

Slump in Brent Oil prices
Oct. 30, 2018
Source: Reuters

Slump in Brent Oil prices

With the signs of increase in global supply regardless of the approaching dates of US sanctions on Iran’s crude exports, oil prices slipped further on Tuesday. The current fragile condition of global stock markets also weighed down the crude prices. Brent fell down by 0.4% and was traded at $77 a barrel while WTI was traded at $67.08 a barrel.

Iran’s new way to counter US sanctions
Oct. 29, 2018
Source: Reuters

Iran’s new way to counter US sanctions

Iranian oil ministry’s website, SHANA reported that the country began the sale of crude oil to private firms for export. The move is being seen as part of a strategy to counter US sanctions, which is scheduled to come into effect on Nov 4th. 280,000 barrels out of 1 million barrels offered on the international exchange were sold at $74.85 a barrel.

Saudi Arabia pledges to play responsibly in energy market
Oct. 23, 2018
Source: Reuters

Saudi Arabia pledges to play responsibly in energy market

On Tuesday, oil prices slipped on the grounds of Saudi Arabia’s promise of playing a “responsible role” in the crude market. But, amidst the air of US sanctions against Iran, the market seemed nervous. Brent crude went down by 0.4% and was trade at $79.52 a barrel, while WTI futures dropped down by 0.3% and was traded at $69.16 a barrel.

Oil prices gain over looming sanctions
Oct. 22, 2018
Source: Reuters

Oil prices gain over looming sanctions

Oil prices notched up today due to expectations of tight market ahead of the looming US sanctions. Brent crude oil futures were priced at $79.88 per barrel. US WTI crude futures rose to $69.31 per barrel. The looming US sanctions on Iran’s oil exports remained the major driver of oil prices in the market. Also, the new Permian WTI crude futures deliverable in Houston will begin trading on Monday.

RIL will not import Iranian crude
Oct. 18, 2018

RIL will not import Iranian crude

The joint CFO of Reliance Industries Ltd (RIL) informed that the company has stopped the crude imports from Iran ahead of US sanctions against the nation’s oil sector. RIL has started increasing its purchase from other suppliers of US and Middle East in order to reduce Venezuelan oil consumption and make up for the loss of Iranian crude.

Iran’s falling oil export sends oil prices higher
Oct. 16, 2018
Source: Reuters

Iran’s falling oil export sends oil prices higher

Signs of fall in Iranian oil exports ahead of the November sanctions sent oil prices higher today in the international market. Brent crude rose by 0.33%, to $81.05/barrel. WTI crude climbed to $71.90 a barrel. According to data from Refinitiv Eikon, Iran experienced a drop in the oil exports, from 1.6 million bpd to 1.33 million bpd. Fresh wave of US sanctions on Iran will kick in on November 4th.

Russia and Iran discussed oil output cap
Oct. 16, 2018

Russia and Iran discussed oil output cap

The Russian energy ministry informed that Energy Minister of Russia, Alexander Novak had a discussion on the oil output cap with Bijan Zanganeh, Energy Minister of Iran. This discussion was held during a meeting in Moscow on Monday. Not giving much details, the Russian Ministry said that both the nations talked about the chances of further oil output regulations.

US envoy on Iran to hold talks with India
Oct. 12, 2018

US envoy on Iran to hold talks with India

A top US envoy on Iran is en route to India this week to hold talks, ahead of the next wave of US sanctions scheduled on November 4. US administration is persuading oil importing countries to bring down their import of Iranian oil to zero. Hook will also visit Europe to further discuss US foreign policy toward Iran.

Saudi Arabia to supply crude to India
Oct. 11, 2018

Saudi Arabia to supply crude to India

If sources were to be believed, Saudi Arabia will supply additional 4 million barrels of crude to Indian buyers in November. This act by Saudi Arabia shows that the world’s biggest oil producer wants to curb the supply gap that will be created due to US sanctions against Iran. According to the sources, HPCL, RIL, BPCL and Mangalore Refinery will buy 1 million barrels each from the oil producing nation.

US Sanctions affect oil prices
Oct. 9, 2018
Source: Reuters

US Sanctions affect oil prices

Oil prices climbed up on Tuesday owing to the declining crude exports from Iran due to US sanctions and a hurricane across the Gulf of Mexico. Brent rose by 0.3%, at $84.17 a barrel. WTI crude futures slipped by 0.3% and was traded at $74.53 a barrel. Industry data states that the crude exports from Iran have reduced significantly in the first week of October.

Brent falls more than 1%
Oct. 8, 2018
Source: Reuters

Brent falls more than 1%

Washington announced the possibility of sanctions waiver against crude exports from Iran. On the other side, Saudi Arabia took the responsibility to fulfill the shortfall from Iran. Owing to these reasons, oil prices dropped on Monday. Brent crude slipped by 1.1% and was traded at $83.26 per barrel and WTI futures went down by 0.7% and was traded at $73.80 a barrel.

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