WorldWide Drilling Resource

Iran’s Crude Exports are Breaking Records Adapted from Information by Genscape, Inc. Iran’s crude exports have increased in line with the country’s expectations, when economic sanctions related to its nuclear program ended in January. Des- tinations for Iranian crude exports have also diversified as the country tries to re- gain market share. Total Iranian waterborne exports have gradually increased, reaching a record 45.8 million bpd (barrels per day) in February 2016, according to Genscape’s monitoring of crude shipments from the Middle East Gulf. Total Iranian waterborne exports in January 2016 increased month-on-month by 0.26 million bpd and February saw another increase of 0.22 million bpd, reaching an average of about 1.58 million bpd. This corresponds with Iranian officials’ announcement when sanctions ended to ramp up crude exports by around 0.5 million bpd. According to Roknoddin Javadi, the managing director of NIOC (National Iranian Oil Company), Iran has reached 1.8 million bpd of production. Iran is also seeking to diversify its crude buyers by gaining back market share lost in Europe after sanctions began. Since mid-January, European oil companies Cepsa, Total, and Lukoil have com- pleted deals to buy Iranian crude, while four tankers with Iranian crude have headed to refineries in Algeciras, Spain; Le Havre, France; and Constanta, Romania. Genscape monitors Middle East Crude ex- ports daily using its Genscape Vesseltracker data with market intelligence sources to identify the loadport of each departing crude tanker and track it through to its final destination. Using Genscape Vesseltracker data, the Middle East Waterborne Crude Report illuminates the flows coming out of the Middle East producing countries so traders and analysts can better gauge markets inAsia, Europe, and theAmericas. %576 /2'%7)( %1( 63%5)6 3529-()( *25 );-67-1+ )48-30)17 ? 527%5< 7%&/)6 12: 352(8')( :-7, /%5+) 5-1+ +)%5 %1( 3-1-21 ))( !)3%-56 !27%5< 7%&/)6 = 8( 38036 = %.25 '20321)176 1-( 5-// "<67)06 1' $) %5) ()(-'%7)( 72 7,) :%7)5 :)// -1(8675< $ ,)67187 9) 1-( ,21) %; ::: )1-((5-// '20 21@7 *25+)7 5()5 <285 '23< 2* >#5%16*)5 2* #)',12/2+<? :5-77)1 &< 2,1 @ 632-5 $ ! ! ! " ! ### ! (To Marcel, referring to WorldWide ’ s verification process...) [Re: Your ad for June] Wow. Good catch. Everyone missed that here. (Little-known fact, those numbers spell “WIRE”.) Revised ad attached. Thanks so much! Dyann Simile Service Wire Co. 41 WorldWide Drilling Resource ® JUNE 2016