Sinopec Halves Iran Oil Loadings Under U.S. Pressure

[Sofia + 35]

China’s Sinopec is cutting loadings of crude oil from Iran by half this month, as the state refiner comes under U.S. pressure to comply with a ban on Iranian oil beginning in November. Based on the prevailing supply contract between SNP and the National Iranian Oil Co., the loadings would be reduced to 130K bbl/day, which would have comprised 20% of China’s average daily imports from Iran in 2017.

[Rodent + 1,424]

4 hours ago, Sofia said:

China’s Sinopec is cutting loadings of crude oil from Iran by half this month, as the state refiner comes under U.S. pressure to comply with a ban on Iranian oil beginning in November. Based on the prevailing supply contract between SNP and the National Iranian Oil Co., the loadings would be reduced to 130K bbl/day, which would have comprised 20% of China’s average daily imports from Iran in 2017.

Not looking good for Iran. 

Japan stopped Iran oil imports. South Korea did too. India has scaled back. And now China is curbing oil imports from Iran, who everybody assumed would flip the US the 🐦 and keep Iran imports as usual.

[Guillaume Albasini + 851]

On 9/29/2018 at 5:53 AM, Rodent said:

Not looking good for Iran. 

Japan stopped Iran oil imports. South Korea did too. India has scaled back. And now China is curbing oil imports from Iran, who everybody assumed would flip the US the 🐦 and keep Iran imports as usual.

I'll bet this scaling back of the Chinese imports is more related to a reduced demand due to the trade war than to the US sanctions.

[Jo Mack + 43]

Iran can't get insurance for its tankers which is a major blow.  India is also cutting it's imports from Iran.  They import 22 million tons a year.  China's a sly trader and they are planning to lift bbls from Iran that are not under Chinas contracts, so they'll probably get up to the bbls they originally imported.