Genscape: Iran’s oil export growth in line with Iranian forecasts, FuelFix

FuelFix reports that Genscape differs on recent assessments of Iranian oil exports:

“Genscape’s assessment comes a few weeks after data from OPEC and the International Energy Agency showed Iran produced an additional 250,000 to 310,000 barrels a day in January and February, underwhelming oil markets that had expected about twice that amount.

Genscape, which tracks the movements of oil vessels, estimates Iran’s oil exports climbed by 480,000 barrels a day in those two months, in line with Iran’s forecast that it could boost overseas sales by half a million barrels a day quickly after western powers lifted oil-export sanctions, which were removed in mid-January.”

But more growth going forward could be thwarted by an oversupplied market:

“That may not necessarily reflect any difficulties with their output,” said Neil Atkinson, head of the oil market division at IEA. “Marketing extra crude or condensate is easier said than done in a glutted market, especially in a market where the return of Iran was fairly widely anticipated. It didn’t come like a bolt from the blue.”

Here is the link:  http://fuelfix.com/blog/2016/03/21/genscape-irans-oil-export-growth-in-line-with-iranian-forecasts/