Iran’s exports of crude oil were higher than expected in January and are at least holding steady this month, according to tanker data and industry sources, as some customers have increased purchases due to waivers from US sanctions.
Bulgarian authorities say they have blocked money transfers out of a number of bank accounts that have received millions of euros from the Venezuelan state-owned oil and natural gas company, PDVSA, as the sanctions-hit South American country is struggling with an unprecedented political crisis.
Oil prices gained nearly 3 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by US sanctions against Iran and Venezuela.
Indian refiners are increasingly optimistic on winning another round of waiver to continue buying Iranian oil as New Delhi has put forward a strong case to Washington that it will not be able to afford zero Iranian crude, delegates attending a three-day oil conference in New Delhi said.
Cosmo Oil started loading its first Iranian crude oil cargo, the latest Japanese refiner to resume import of Iranian oil more than two months after the US sanctions waiver was granted, a source with direct knowledge of the matter told S&P Global Platts on Monday.