Iran aims to restore majority of refining capability within two months, oil ministry official says - Reuters
Iran aims to restore majority of refining capability within two months, oil ministry official says Reuters
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Notable Quotes
"Repair work had begun and that part of the Lavan refinery is expected to resume operations within about 10 days."
— Mohammad Sadeq Azimifar , Executive
"Currently, a large number of tankers laden with crude, condensate, and refined products are stranded inside the Middle East Gulf… roughly 132 million barrels of crude and condensate are effectively stuck."
— Nikhil Dubey , Executive
"Benchmark Brent crude dropped around 16%, reflecting easing risk premiums, though prices still remain above pre-conflict levels."
— Sourav Mitra , Executive
"The massive diversions around the Cape of Good Hope effectively reduced global tanker capacity by 10% to 12%."
— Rahul Chopadekar , Executive
"Shipping and freight costs will take 1-3 months to normalise due to dislocation of ships and market incorporating new rates cautiously."
— Prashant Vasisht , Executive
"U.S. refiners have the upside opportunity of selling into markets facing scarcity, while not having to suffer any meaningful disruption to their own feedstock supply."
— Jeff Krimmel , Executive
"Strength in global diesel markets is expected to pull barrels from the U.S. Gulf Coast, ultimately contributing to further upward pressure on domestic prices."
— Alex Hodes , Executive
Key People
Alex Hodes is the director of energy market strategy at StoneX.
Former president of the United States known for his aggressive economic policies.
Jeff Krimmel is the founder of Krimmel Strategy, a consulting firm.
Deputy Minister of Oil in Iran.
Senior Refining Analyst at Kpler.
Senior vice-president and co-group head at ICRA.
VP Marketing at Rubix Data Sciences.
Partner – Oil & Gas at Grant Thornton Bharat.
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<a href="https://news.google.com/rss/articles/CBMiyAFBVV95cUxQSktOaDJJa2VRS3hkeTZtcWsxb2g2MVM2dzl5bDBRRV9naHhnbVNJbjROa0taM2ZTcElmQTJEQXdSRGl4ZDAwcFhjQmcxbVBZTEhVX1I2RzhMV3E3YWdORE5oZ2loSXM0TUlXRHotTTFxTm1JTUgtVHpZeEZiekhXTERvMXVGLWdfX0MybHdleWk5ckpOZVhvaElJUTViWkdsT1Rob29ZR3JoS3lTNC1aRGtnWjF4eFVkdy12dGJDWkFPMTY3aDZJUQ?oc=5" target="_blank">Iran aims to restore majority of refining capability within two months, oil ministry official says</a> <font color="#6f6f6f">Reuters</font>
Gulf Coast refiners are experiencing the strongest margins in years as disruptions to Middle Eastern oil flows from the Iran war increase demand for U.S. fuel exports. Asian and European refiners have been impacted by a slump in Middle Eastern crude exports due to Iran's blockade of the Strait of Hormuz, forcing some to cut production.
Iran expects to restore most damaged refining and distribution facilities to 70-80% of their pre-attack capacity within one to two months, according to a senior oil official. Repair work has begun, with part of the Lavan refinery expected to resume operations within about 10 days.
Global crude prices dropped 14% to $93.93 after the Strait of Hormuz reopened under a 14-day ceasefire. However, India's crude oil supply chain remains under severe strain due to tanker congestion, elevated freight costs, and disrupted Gulf production, with full normalization expected to take months.
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