Fortune, the Iranian tanker, is sailing towards the 12-nm boundary of Venezuela’s territorial seas, bringing its controversial journey to a close.
The US Energy Information Administration’s (EIA) published its January Short-Term Energy Outlook (STEO), forecasting that the Brent crude oil spot price will average $65 per barrel (b) in 2020 and $68/b in 2021 and that the West Texas Intermediate (WTI) spot price will average $59/b in 2020 and $62/b in 2021.
In fact, the Managing Director of the National Iranian Oil Product Distribution Company (NIOPDC)’s Markazi Department recently said that low-sulfur fuel oil needed for the country’s vessels is now fully supplied and distributed by the company.
The bullish reaction in oil prices will likely be limited by Saudi Arabia’s vast quantities of crude in storage, estimated to equal roughly 26 days of current crude exports, said Bjørnar Tonhaugen, head of oil market research at Rystad Energy, following Saturday’s attacks on the world’s largest oil processing facility.
An Iranian representative to London announced that the oil cargo of tanker Adrian Darya 1 – previously known as Grace 1 – was sold at sea to a private company, denying that Tehran had broken its promises over the vessel and highlighted that EU’s Syria sanction do not apply to Tehran.
Brazilian top court ordered the state-run oil company, Petrobras, to refuel the two Iranian grain vessels that have been stuck on the Brazilian coast because of the imposed US sanctions. Chief Justice, Dias Toffoli, changed a lower court ruling that enabled Petrobras, to refrain from fueling the vessels. Thus, the oil company is now obliged to fuel the Iranian vessels.
Following the two Iranian vessels that remain stuck in Brazil with no fuel, additionally two more Iranian bulk carriers that came to Brazil also could be left stranded. Petrobras addressed that refuses to provide the tankers with bunker fuel because of the US sanctions imposed.
About two months after the White House banned the purchase of Iranian oil, tankers are offloading millions of barrels of Iranian oil at Chinese ports, resulting to piles of cargoes. Bloomberg reports that the store of oil could lead to a push down of global prices, in the possibility that Chinese refiners decide to draw on it.
Two Iranian vessels remain at Brazilian ports for weeks, unable to return to Iran due to lack of fuel, as the state-run oil firm Petrobas refuses to sell them oil because of the sanctions imposed by the US.
Reuters reports that the recent attacks around the Strait of Hormuz and the Gulf of Oman have increased insurance costs resulting to the decrease of purchases of marine fuels in the UAE Fujairah oil hub, as shippers are trying to mitigate their time in the Middle East.
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