Iran on verge of regaining its oil market share: Bloomberg
As one of the world’s major oil producers Iran is expected to regain its market share, lost to rivals due to the U.S. sanctions, in case Joe Biden, who is leading in most polls, replaces Trump as the U.S.’s next president, Bloomberg reported.
Biden has signaled that under his presidency the U.S. is going to return to the 2015 nuclear accord Washington brokered when he was vice president under Barack Obama, the report said.
That means the economic sanctions that Trump has imposed on Iran could eventually be eased, opening the way for over two million barrels a day of Iranian crude exports.
Wall Street banks including Goldman Sachs Group Inc., JPMorgan Chase & Co., and RBC Capital Markets LLC see one million barrels per day (bpd) or more of Iranian crude supplied to the market next year if Biden wins.
Iran has maintained its oil production levels despite the U.S. sanctions and according to the Iranian Oil Minister Bijan Namdar Zanganeh, the country is fully ready to increase its exports to the pre-sanctions levels in a short time span.
Back in May, Zanganeh had said that even the coronavirus outbreak has not halted oil production in the country.
Oil Ministry’s measures have been taken in four phases of prevention, readiness, confrontation, and returning to normal conditions, the official said.
“Within a few months after a Biden election, we expect some Iranian oil will be coming to market,” Bloomberg quoted Iman Nasseri, the London-based managing director for West Asia at consulting firm FGE, as saying.
The latest reports on Iran’s oil exports indicate that despite the U.S. sanctions the country has already risen its oil exports in recent months.
Data from TankerTrackers and two other firms indicated exports rose in September, although the figures fall into a wide range of between 400,000 bpd and 1.5 million bpd, Reuters has reported.
source: TehranTimes
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
Norilsk Nickel plans to sell all it produces in 2025
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
India’s record gold import said to be due to calculation error
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
