To attract buyers, Iran cut the official selling prices of heavier grades Iranian Heavy and Forouzan Blend in the third quarter by 2 cents a barrel from the previous three months, Reuters calculations showed.
According to the Reuters, overall Iranian crude exports in August for Asia are set to fall to 1.3 million barrels per day, down 0.3% from July. Iran's global combined crude oil and condensate exports may total 2.37 million bpd this month, down 4% from a year earlier, which would mark the first year-on-year decline in four months.
Crude and condensate exports to Asia are rising 5% from July to almost 1.65 million bpd while those to Europe will fall 15% from the previous month to 613,000 bpd. Exports to the Middle East are staying little changed at 111,000 bpd. Loadings to India will drop by 25% from July to 310,000 bpd this month, the lowest since February 2016.
South Korea in August will pass India as the second-biggest lifter of Iranian crude for the first time since January 2016, taking nearly 380,000 bpd, the source said. Taiwan is lifting Iranian oil this month for the first time since April, totaling 2 million barrels, said the source. Other Asian lifters include Japan at 157,000 bpd, up 6% from July.
In Europe, Turkey will take 258,000 bpd, up 7% from July, while Italy will take 129,000 bpd, steady from last month. In the Middle East, the UAE will take 111,000 bpd, up 3% from July. In addition to this month's exports, Iran is also putting 2 million barrels into its offshore storage, according to the source.
Region Grade
|
North West Europe*
|
Mediterranean
|
Sidi Kerir
|
South Africa
|
Asia
|
Price Index
|
(FOB Kharg)
|
(FOB Kharg)
|
(FOB SidiKerir)
|
(FOB Kharg)
|
Price Index
|
(FOB Kharg)
|
Iran Light
|
Ice
Bwave
|
-2.55
|
-3.85
|
-2.00
|
-2.55
|
Average
(Oman,Dubai)
|
-0.18
|
Iran Heavy
|
-4.35
|
-5.70
|
-3.85
|
-4.35
|
-1.17
|
Forozan Blend
|
-4.15
|
-5.50
|
-3.65
|
-4.15
|
-0.97
|
Soroosh
|
Iran Heavy
|
-
|
-2.65
|
-
|
-
|
Iran Heavy
|
-4.40
|
Nowrooz
|
-
|
-2.65
|
-
|
-
|
-4.40
|
*: Freight adjustment to be applied.