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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Iran has overtaken Saudi as China’s top seaborne oil supplier in October according to Kpler. Russia remains top when including pipeline.
- Arrivals of Iranian crude have averaged >1.8 mn bpd, a new record according to Kpler figures. They were shy of 1.4 mn bpd in September.
- Iranian crude stored in tankers decreased from 36 Mbbls at the beginning of October to 26 Mbbls late October to boost the pace, with all of the decline taking place in Eastern Asia, primarily in the Yellow Sea.
- China’s Shandong port congestion is clearing which is helping to pull in higher Iranian barrels. ~85 tankers were waiting Friday against 109 in September.
- Iran may be trying to push out more barrels over fears the US may start to push for tighter sanctions against it, driven by investigations into its involvement in the Hamas attack on Israel.
- A lack of China crude import quotas also looks like it is pushing refiners to alternative feedstocks, which rebranded Iranian barrels may be able to skirt around. Import scrutiny earlier in the year found Iranian barrels being rebranded as bitumen mix to try and circumvent quotas.
- Kpler are also seeing an increase in fuel oil imports into China in October due to the lack of crude import quotas.
source: Kpler
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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