Iran: Relaunch of oil exports brings hope for Asia

The election of reformist Iranian President Masoud Pezeshkian has raised hopes of a normalization of oil flows to Asia, despite ongoing US sanctions.
Relance des exportations pétrolières iraniennes

Partagez:

The election of Masoud Pezeshkian as President of Iran could mark a crucial turning point for Asian oil buyers. By focusing on reviving the nuclear agreement with the West and lifting international sanctions, Pezeshkian aims to restore Iranian oil flows to normal levels. According to analysts and traders, this development could stabilize the Asian oil market.

Potential Impacts on the Asian Oil Market

Asian buyers, particularly in China, Japan and South Korea, are keeping a close eye on possible changes in oil policy under the new regime. Tushar Bansal, Senior Director at EY Parthenon, points out that to have a significant impact on oil prices this winter, an agreement with the West must be reached before September. If successful, this would also attract foreign investment to Iran’s former oil fields.

Reactions from Asian refineries

Japanese and South Korean refineries, major consumers of Iranian condensates, are cautiously optimistic. Before the sanctions, South Korea was one of the biggest buyers of Iranian crude oil and condensates, purchasing 148 million barrels in 2017. Japanese refiners, for their part, particularly appreciated the qualities of Iranian Heavy and Forozan crudes.

Outlook for China and India

Despite sanctions, Iran remains a key supplier of heavier crudes to China. A Beijing-based analyst predicts political adjustments after the presidential election, which could alter the oil export process. In India, refiners are eagerly awaiting the possibility of resuming imports of Iranian oil, a traditionally important source for the country.
The election of Masoud Pezeshkian could be a catalyst for the revival of Iranian oil exports to Asia, despite the many political and economic challenges. If Iran succeeds in negotiating the lifting of sanctions, Asian oil markets could experience a period of increased stability, beneficial for buyers in the region. However, the realization of these hopes will depend heavily on the forthcoming international negotiations and the new president’s ability to navigate Iran’s complex political landscape.

The United Kingdom tightens sanctions against Russia's oil sector by targeting twenty tankers operating in the "shadow fleet" and Rosneft Marine, amid rising crude prices exceeding the G7-imposed price cap.
French manufacturer Vallourec will supply Qatar with premium OCTG tubes in a contract worth an estimated $50 million, supporting the planned expansion of oil and gas operations by 2030.
SBM Offshore has secured an operations and maintenance contract from TotalEnergies for the FPSO GranMorgu unit, the first such project in Suriname, covering operational preparation and post-production maintenance for at least two years.
Maurel & Prom acquires additional stakes in two offshore oil blocks in Angola, consolidating its existing assets for an initial sum of $23mn, potentially rising based on market developments and production performance.
Long a major player in OPEC, Iran sees its influence on the oil market significantly reduced due to US sanctions, Israeli strikes, and increasing reliance on exports to China.
After several months of interruption following a major political upheaval, Syria's Banias refinery has shipped its first cargo of refined products abroad, marking a partial revival of its energy sector.
ExxonMobil and its partners have extended the production sharing contract for Block 17 in Angola, securing the continued operation of major infrastructure in a key offshore asset for Africa’s oil sector.
Egypt’s General Petroleum Company discovers a new oil field in Abu Sannan, producing 1,400 barrels per day, confirming growing interest in this mature Western Desert region.
TotalEnergies takes 25 % of a portfolio of 40 exploration permits on the US Outer Continental Shelf, deepening its partnership with Chevron in the Gulf of Mexico’s deepwater.
OPEC confirms global oil demand estimates for 2025-2026 despite slightly adjusted supply, while several members, including Russia, struggle to meet their production targets under the OPEC+ agreement.
Facing anticipated refusal from G7 countries to lower the Russian oil price cap to $45, the European Union weighs its options, leaving global oil markets awaiting the next European sanctions.
Starting August 15, the Dangote refinery will directly supply gasoline and diesel to Nigerian distributors and industries, expanding its commercial outlets and significantly reshaping the energy landscape of Africa's leading oil producer.
The sudden appearance of hydrocarbon clusters has forced the closure of beaches on the Danish island of Rømø, triggering an urgent municipal investigation and clean-up operation to mitigate local economic impact.
Canadian company Cenovus Energy has fully resumed oil sands production at its Christina Lake site following a wildfire-related shutdown in Alberta.
Argentine company Compañía General de Combustibles is starting operations in the Vaca Muerta shale basin while boosting heavy crude production due to strong local demand and rising prices.
Oil-backed financing is weakened by falling crude prices and persistent production constraints in the country.
Italiana Petroli, in negotiations with three potential buyers, is expected to finalize the total sale of the group for around €3 billion by late June, according to several sources close to the matter speaking to Reuters on Thursday.
ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.
Petronas' workforce reduction reignites questions about internal trade-offs, as the group maintains its commitments in Asia while leaving uncertainty over its operations in Africa.
The Kremlin condemns the European proposal to lower the price cap on Russian oil to $45 per barrel, asserting that this measure could disrupt global energy markets, as the G7 prepares for decisive discussions on the issue.