Oil trader Vitol confirmed over the weekend that it had purchased a batch of Iranian crude, with company CEO Ian Taylor commenting to Bloomberg that it was “very much business as normal.”

Iranian May exports hold steady


TEHRAN, May 18, 2016 – Iranian crude exports are expected reach 2.1 million bopd in May, a year-on-year increase of more than 60%, sources familiar with the country’s lifting plans said on Wednesday. In May 2015, Iran shipped 1.3 million bopd.


While a marked recovery, the forecasted loadings this month fall short of the 2.3 million bopd shipped in April. Exports that month reached levels last seen in 2012. The majority of crude –1.7 million last month – is exported to Asia. Average shipments for May are expected to stay level at 1.6 million. China is the biggest consumer of Iranian oil with 840,000 bopd in April.

Shipments to Europe averaged 487,000 bopd in April and are expected to reach 400,000 bopd this month. Total, having signed an import deal back in January, will receive some 160,000 bopd. Other major recipients of Iranian crude include Greece (65,000 bopd) and Spain (32,000 bopd.)

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