8,161 Active Recruiters     Over 2 Million Candidates Globally

Advanced
  1. Keep me logged in
  2. forgot password
cancel

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Advertise Oil and Gas jobs for free
  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Top Oil Traders Say Iran Sanctions Hit Harder Than Expected

Published in Oil Industry News on Friday, 12 October 2018


Graphic for News Item: Top Oil Traders Say Iran Sanctions Hit Harder Than Expected

Sanctions on Iranian oil exports are hitting much harder than most people predicted as the administration of U.S. President Donald Trump takes a tough line on enforcement, said executives from the world’s largest energy traders.

Perhaps 2 MMbpd of Iranian crude could eventually be lost to the global market, said Jeremy Weir, chief executive officer of Trafigura Group Pte. While other traders including Vitol Group of Cos. and Gunvor Group saw the impact closer to 1 million, that’s still twice as much as most people initially predicted.

"Iranian exports of crude oil will be much reduced,” Vitol Chairman Ian Taylor said in a Bloomberg television interview. That’s largely the cause of the severe “fear factor” in the crude market that’s driven prices up to $85/bbl, he said.

The traders speaking at the Oil and Money conference in London, which included Gunvor CEO Torbjorn Tornqvist and Glencore Plc’s head of oil and gas Alex Beard, weren’t universal in their predictions for prices. Crude futures at $100 or higher were possible by year-end, said Tornqvist, while Taylor saw the market drifting $5 or $10 lower by January.

“We don’t have a supply squeeze, there’s plenty of oil around” right now despite the sanctions, said Taylor. With current prices, demand could start to weaken, he said.

Efforts by the European Union to preserve the international nuclear deal with Iran by setting up a payment mechanism to circumvent U.S. sanctions won’t help oil buyers, the trading-house executives said.

"I don’t see any chance that the European payments mechanism on Iran could work," said Beard. When asked if there was anything that would tempt oil traders to skirt U.S. sanctions, such as the oil market tightening significantly or Tehran offering discounts, Taylor was emphatic: "No, no, and no."

Beard expected the sanctions to stay in place for a long period as the ultimate U.S. aim was "regime change," which would take time if done by squeezing Iran’s oil revenues.

Source: www.worldoil.com

Please leave comments and feedback below





Tags

Iran Oil and Gas, Iranian Oil and Gas, OPEC Oil and Gas, Oil and Gas News








Oil and Gas News Archive


Latest Oil & Gas News







Featured Companies

  • View All JobsNOVATEK

    NOVATEK is one of the largest independent natural gas producers in Russia.

    Engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, NOVATEK have 20 years of operational experience in the Russian oil and natural gas sector.

    Visit us online: www.novatek.ru/en/

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com