Iran has shipped more than 500,000 b/d of ultra-light crude to the Far East so far in 2017 and that flow is expected to remain strong for the rest of the year as South Korea steps up its purchasing plans and other Asian end-users eye naphtha-rich South Pars condensate for its competitive price.
- South Korea eyes 250,000 b/d of South Pars condensate in Q4
- South Pars condensate still seen cheaper than rival Qatari grades
Iran’s return to the international market after the lifting of economic sanctions in early 2016 was welcomed by various North Asian end-users, and condensate trade flows between Tehran and the Far East will likely remain robust, setting aside any potential supply disruption risks stemming from the recent US-Iran diplomatic tension for now, regional condensate traders said.