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South Korea imports more U.S. oil in July as Iran shipments on hold

A two-mile Canadian Pacific train loaded with oil tank cars idles on a track in Enderlin, North Dakota, November 14, 2014.  REUTERS/Ernest Scheyder

SEOUL : South Korea’s oil imports from the United States and the United Arab Emirates jumped in July, with Iranian shipments remaining at zero for a third month due to U.S. sanctions, customs data showed on Thursday. South Korea, typically one of Tehran’s major Asian oil customers, halted importing Iranian crude from May after the U.S. government announced an end ... Read More »

Abu Dhabi can’t afford to keep Iran out of Dubai

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Writing an article in Lobe Log on Thursday, Esfandiar Batmanghelidj, an Iran-West business diplomacy expert and Columbia University graduate, says new official moves are in the making to revive old business ties between the two Persian Gulf neighbors. The article reads: As the world teeters on the edge of another financial crisis, few places are being gripped by anxiety like ... Read More »

Iran’s Non-Oil Trade With Pacific Alliance States Exceeds $13 Million

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Iran traded 7,225 tons of non-oil commodities worth $13.74 million with the member states of Pacific Alliance in the last fiscal year (ended March 20, 2019) to register a 95.68% and 72.73% fall in tonnage and value respectively compared with the year before. The Pacific Alliance is a Latin American trade bloc, formed by Chile, Colombia, Mexico and Peru, all ... Read More »

Millions of barrels of Iranian crude are sitting in Chinese ports

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Iranian oil tankers have been quietly offloading their supply into Chinese ports, according to ship tracking data, despite U.S. sanctions on crude from the Islamic Republic. These flows, which experts say show no sign of stopping, could seriously disrupt U.S.-China trade talks as well as oil markets if Beijing decides to actually use them. Estimates as to the volume of ... Read More »

Iran’s Oil Exports To China Decline Further In June

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The latest figures issued by China’s customs authorities show Iranian oil imports declined further in June reaching a low of 208,205 barrels per day, down 60 percent from June 2018. Iran’s oil exports had also declined in May, when the United States phased out limited exemptions it had offered to a handful of countries, including China, for six months. The ... Read More »

China’s Still Taking Iran Oil Weeks After U.S. Toughens Sanction

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China’s still importing oil from Iran weeks after the U.S. imposed sanctions aimed at halting sales of crude from the Persian Gulf nation. Official customs data on Friday showed China imported 855,638 tons in June, the equivalent of about 209,000 barrels a day. While that’s less than in May and the lowest since mid-2010, the data adds to speculation that ... Read More »

Iran’s Non-Oil Trade With Uzbekistan Nearly Triples

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Iran traded 103,023 tons of non-oil goods worth $22.27 million with Uzbekistan in the first Iranian month (March 21-April 20) to register a 755.04% and 194.94% growth in tonnage and value respectively compared with the year before, latest data released by the Islamic Republic of Iran Customs Administration show. Uzbekistan was Iran’s 21st biggest trading partner during the month. Iran’s ... Read More »

Saudi Arabia Lets Iranian Tanker Sail Home

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Saudi Arabia released an Iranian oil tanker on July 21 from the Jeddah port after the vessel underwent repairs, Iranian Transport Minister Mohammad Eslami told state news agency IRNA. The ship had been docked in Saudi Arabia since early May after suffering “engine failure and loss of control,” the Iranian Oil Ministry’s SHANA news agency reported as cited by the ... Read More »

U.K. leader holds emergency session on Iran seizure of tanker

THe Development Driller III, which is drilling the relief well, is seen at the site of the Deepwater Horizon oil spill in the Gulf of Mexico off the coast of Louisiana Tuesday, May 11, 2010. (AP Photo/Gerald Herbert, pool)

British Prime Minister Theresa May chaired an emergency security session on Monday to discuss how to respond to Iran’s seizure of a British-flagged tanker in the Strait of Hormuz. The meeting of U.K. security ministers and officials discussed how to secure shipping in the sensitive region, which is vital to the world’s oil supply. Foreign Secretary Jeremy Hunt plans to ... Read More »

Oil slips as Trump, Pompeo signal Iran tensions may ease

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Oil slipped over 3 percent as President Trump and Secretary of State Mike Pompeo both signaled potential progress with U.S. – Iranian relations in the Middle East Opens a New Window. . “We will work with them in any way we can, but they can’t have a nuclear weapon,” Trump said in a Cabinet meeting. “They can’t be testing ballistic ... Read More »

Iranian Crane Vessel Released from Kuwaiti Port after 10 Months: Operator

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The private owner of a major Iranian crane vessel says the ship is returning to the country’s southern coasts 10 months after it was illegally “seized” in a Kuwaiti port. Tidewater Middle East Co., the largest Iranian port operator, said on Monday that the vessel, dubbed Arvand Tide 1000, had been released from Kuwait’s Port of Shuaiba before sailing toward ... Read More »

UK says Iran tried to intercept British tanker

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London : Iran has tried to intercept a British oil tanker, forcing a Royal Navy warship to intervene, the UK said. British authorities have arrested the captain of an Iranian tanker it seized last week for violating EU sanctions. Iranian forces tried to stop and divert a British oil tanker as it crossed into the Strait of Hormuz on Wednesday, ... Read More »

Russia & Iran see increase in trade tonnage, decrease in prices

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Iran and Russia, two major powers of the region, continue fruitful economic cooperation. The statistics on trade turnover between the two countries show significant growth. Trade between Iran and Russia from March 21 – April 20 amounted to 213,886 tons worth $87.84 million. The growth in tonnage was 48.45 percent, and the decrease in terms of costs equated to 54.6 ... Read More »

Iran Accuses Saudi Arabia Of Holding Happiness Hostage In Tanker Tussle

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In the waters off a busy port along Saudi Arabia’s Red Sea coast, a tussle between two of the Middle East’s big beasts is quietly playing out, with an Iranian oil tanker called Happiness I at the centre of it. On April 30, the tanker was sailing through the Red Sea carrying an estimated 1 million barrels of fuel oil. ... Read More »

Iran demands UK release of oil tanker held in Gibraltar

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Iran has condemned the “illegal” seizure of an oil tanker by the United Kingdom in Gibraltar and demanded its immediate release. A senior Iranian foreign ministry official “described the UK move as unacceptable” in a meeting with the British ambassador, who had been summoned to hear a formal protest, the ministry said in a statement on Friday. He “called for ... Read More »

IRU, Iranian customs to boost road transport cooperation

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IRU Secretary General Umberto de Pretto, met IRICA’s head, and Deputy Minister of Economic Affairs and Finance, Mahdi Mirashrafi, this week in Geneva to discuss strengthening TIR in Iran, the region and beyond. Speaking on the sidelines of the meeting, Mr. de Pretto said, “Over the past five years, IRU has been working closely with IRICA and IRU’s member – ... Read More »

Regional realities see Germany focus on Gulf over Iran

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Berlin was last week the theater for events promoting deeper engagement between Germany and Gulf Cooperation Council (GCC) countries. The events were organized by official groups such as the Federal Academy for Security Cooperation and private organizations like the German-Arab Friendship Society. In another sign of renewed interest in the GCC region, chambers of commerce were also active, as well ... Read More »

Trade with Iran to increase significantly

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Iran attaches great importance to the expansion of economic relations with Azerbaijan. The trade turnover between Azerbaijan and Iran is expected to exceed $600 million in 2019, Hossein Vosoughi-Irani, Iranian Secretary General of the Azerbaijan-Iran Chamber of Commerce. In his words, given the sanctions imposed by the U.S. against Iran, the country representatives urge exporters to increase trade with neighboring ... Read More »

U.S. threatens sanctions as Europeans try to salvage Iran nuclear deal

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Vienna — As senior officials from Iran and the remaining signatories to its 2015 nuclear deal met Friday to try and keep the agreement alive, the Trump administration made it clear that European nations had to choose between doing business with Iran, or doing business with the U.S. With tension high in the Persian Gulf, Tehran is poised to surpass ... Read More »

China defies US sanctions by tapping Iran oil supplies

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China is buying Iranian oil in defiance of US sanctions and providing what Tehran hopes will be a financial lifeline for the country’s buckling economy. Although Beijing customs data show crude purchases from Iran are down month-on-month, China is still importing Tehran’s oil despite US measures designed to cut exports to “zero”. Last week the Chinese received their first delivery ... Read More »