MNI JAPAN NOV HOUSEHOLD SPENDING -0.4% Y/Y; OCT -1.3%

MNI BRIEF: Canada Interest Cost 11% Of Revenue, Most Since '12

MNI: Fed’s Schmid Says Rates Nearing Neutral, Can Be Patient

MNI BRIEF: Banxico Set To Consider Larger Rate Cuts - Minutes

MNI: Fed’s Collins Calls For Gradual Approach To Rate Cuts

MNI BRIEF: Mexico Inflation Up To 4.21%, More Rate Cuts Loom

EZ/UK Bond Supply Calendar: EU Synd; IT Auction, BoE APF Mon

MNI: EUROZONE NOV RETAIL SALES +0.1% M/M, +1.2% Y/Y

MNI: GERMANY NRW DEC CPI +0.5% M/M, +2.5% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Iranian Floating Storage Building as Sanctions Hit

OIL
BulletEnergy BulletsCommodities

Iran’s crude oil and condensate exports dropped by 133 kbd m/m in December to 1.63 Mbd according to Kpler tracking as the impact of sanctions took hold.

  • The sanctions are impacting vessel capacity mainly on two-part journeys while a number of Chinese energy related firms are showing a reluctance to deal with Iranian barrels.
  • Around 22 Mbbls of Iranian crude have sat on the water for more than seven days, with two-third of them floating near Malaysia and Singapore its tracking shows.
  • Onshore Iranian crude inventories have also piled up due to the shipping clog, reaching an eight-months high of 54.69 Mbbls last month.
  • Iranian prices have firmed on constrained capacity which has also dissuaded Chinese buying. China pulled in 1.27 Mbd in December, down for a second month, while prices soared to around -$1.5/bbl against ICE Brent on a delivered basis, a level last seen in June 2022 Kpler said.
  • China has been seen shifting attention to non-sanctioned sellers in WAF, the Middle East and Brazil.

 

Keep reading...Show less
173 words

To read the full story

Close

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.

Iran’s crude oil and condensate exports dropped by 133 kbd m/m in December to 1.63 Mbd according to Kpler tracking as the impact of sanctions took hold.

  • The sanctions are impacting vessel capacity mainly on two-part journeys while a number of Chinese energy related firms are showing a reluctance to deal with Iranian barrels.
  • Around 22 Mbbls of Iranian crude have sat on the water for more than seven days, with two-third of them floating near Malaysia and Singapore its tracking shows.
  • Onshore Iranian crude inventories have also piled up due to the shipping clog, reaching an eight-months high of 54.69 Mbbls last month.
  • Iranian prices have firmed on constrained capacity which has also dissuaded Chinese buying. China pulled in 1.27 Mbd in December, down for a second month, while prices soared to around -$1.5/bbl against ICE Brent on a delivered basis, a level last seen in June 2022 Kpler said.
  • China has been seen shifting attention to non-sanctioned sellers in WAF, the Middle East and Brazil.

 

Keep reading...Show less