World News
Six to Nine Million MT/Year of Iranian Fuel Oil Smuggled Via Iraq: Report
Tuesday December 3, 2024
As much as nine million mt/year of Iranian fuel oil may be being smuggled out to global markets via Iraq.
The Iranian fuel oil exports via Iraq total somewhere between 500,000-750,000 mt/month, news agency Reuters reported on Tuesday, citing people with knowledge of the matter and Western intelligence reports.
The exports rely on either blending the product with other oil and declaring it as Iraqi, or forging documentation for Iranian product originally destined as subsidised feedstock for Iraqi bitumen producers, according to the report.
Most of the product is exported to Asia.
Revenues from this smuggled oil may total $1-3 billion/year, according to the report.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 551.00 | 2.00 | 663.00 | 5.50 |
| Rotterdam | 499.50 | 4.00 | 650.00 | 3.00 |
| Houston | 549.00 | 0.50 | 677.00 | 0.50 |
| Fujairah | 545.50 | 1.00 | 747.00 | 1.00 |
| Global 20 Ports Average | 577.50 | 1.00 | 759.00 | 0.50 |
| Global 4 Ports Average | 536.00 | 0.50 | 684.50 | 2.00 |
| Global Average Bunker Price | 623.50 | 1.00 | 808.50 | 5.50 |
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