Monday 18 January 2016

Iran's Next Test Is Winning Back Buyers in Biggest Oil Market - Bloomberg Business

Iran's Next Test Is Winning Back Buyers in Biggest Oil Market - Bloomberg Business:

"In a world awash with cheap oil, buyers in the world’s biggest consuming region aren’t clamoring for an additional 500,000 barrels a day from Iran.
As international sanctions against the country are lifted and Oil Minister Bijan Namdar Zanganeh looks to make good on his pledge to regain market share lost in Asia, he’ll have to contend with a global glut that’s dragged down prices and spawned a buyers’ market with abundant supplies from the Americas to Africa and the Middle East.
While consumers such as Japan’s Cosmo Energy Holdings Co. and India’s Hindustan Petroleum Corp. are open to buying more, they say Iran will have to provide an incentive. Purchases by some customers in Asia dropped about 50 percent after sanctions were imposed on the Middle East producer over its nuclear program."



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