Iran's oil exports are already rebounding after an interim deal with the West but the Islamic Republic won't flood markets even if international sanctions are lifted, the International Energy Agency said Wednesday.
Iran
's oil
exports are already rebounding after an interim deal with the West but the
Islamic Republic won't flood markets even if international sanctions are
lifted, the International Energy Agency said Wednesday.
The IEA, the top energy watchdog, said global oil demand will be higher than
expected next year and that could push up oil prices amid persistent production
disruptions.
In its closely watched monthly oil market report, the IEA said preliminary
estimates indicate that receipts of
Iran
's
crude oil and condensate exports rose by 89,000 barrels a day in November, to
850,000 barrels a day as the Chinese bought more and shipments to
Taiwan
resumed.
By contrast, the agency had said last month that
Iran
's
crude exports had reached their lowest level in 21 months in October.
The Iranian oil export rebound comes as, on Nov. 24,
Iran
and
six world powers agreed to a partial easing on international restrictions in
exchange for
Tehran
scaling down its nuclear program.
The shipments would have been arranged before the sanctions relief agreement
suggesting the situation of the country's embattled oil industry is already
improving.
Tanker data show
Iran
withdrew 15 million barrels out of its bloated floating storage while its
production rose by 13,000 barrels a day to 2.71 million barrels a day in the
past two months, the IEA said.
While capping Iranian crude oil exports to 1 million barrels, the nuclear pact
allows the resumption of insurance on Iranian oil voyages--thus removing what
had been a key impediment to
Tehran
's
crude exports.
"The lifting of insurance restrictions does not open the floodgates for
Iran
oil
exports," the agency said. But restrictions on Iranian sales to
Asia
and a
blanket European Union oil embargo "remain fully in place [which] leaves
on the face of it no room for any sustained increase in exports."
The agency said that, even if all sanctions on Iranian oil were eventually
relaxed, the country would need sizable investment to boost production and
would still face competition in a market crowded with Iraqi and
U.S.
barrels.
"Meaningful increases in production would require a longer period and
additional investment in
Iran
's
upstream, and thus would take time to materialize," the IEA said. Making
room for
Iran
could
also "be a challenge for other producers, especially in the face of rising
non-OPEC supplies."
Iraq
has
said it would keep on boosting production, which now stands at 3 million
barrels a day--its highest sustained level in at least 20 years. Meanwhile, the
IEA said that, in November, non-OPEC crude output topped 43 million barrels a
day for the first time in decades largely due to a
U.S.
shale
boom. Total non-OPEC production is now forecast to rise by 1.7 million barrels
a day for 2014, it said.
This increase in supply would be absorbed by higher-than-expected global oil
demand that the IEA raised by 130,000 barrels a day for this year and 240,000
barrels a day in 2014 due to a colder winter than initially forecast and more
robust economic growth.
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