Tag Archives: export

Iran is planning an oil export boost once US lifts sanctions

Iran is preparing to boost production and exports of crude oil as talks on the nuclear deal with the United States continue to progress, government officials said, as quoted by Bloomberg.

According to the report, Iran could return to a production level of 4 million bpd in as little as three months. What’s more, it could add to that figure millions of barrels of crude currently in storage, the report said.

At the moment, the National Iranian Oil Company is preparing fields for greater production, even though a deal is not certain at all. Even if signed, it will take a while for all hurdles the Trump administration placed on the way to Iranian oil to international markets to be removed.

“Our return may be a gradual process rather than swift and sudden — it can’t happen overnight,” former NIOC official and Iran OPEC envoy Mohammad Ali Khatibi told Bloomberg in an interview. That’s not only because of US sanctions but because of the damage to crude oil demand resulting from the coronavirus pandemic.
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Even when the sanctions are lifted, some buyers may be reluctant to do business with Tehran, Khatibi also said, as quoted by Bloomberg. However, oil production will almost certainly grow, according to analysts.

No matter how the negotiations end, and no matter what happens to the Iranian oil industry after the end of the talks, Iran’s oil minister won’t be there to see it as he said he will be retiring later this year after the term of President Hassan Rouhani ends.

“If they offer me the presidency I won’t accept it, let alone the ministry,” Bijan Zanganeh told media, as quoted by Bloomberg. “I will retire, I won’t take another official post. But politics is life, you can’t separate yourself from it entirely.”

This article was originally published on Oilprice.com

Author: RT
This post originally appeared on RT Business News

Russian wheat exports surge nearly 11% despite export curbs

Author: RT
This post originally appeared on RT Business News

Exports of Russian wheat saw a significant year-over-year surge since the beginning of July 2020 through April 22, 2021, the country’s agricultural ministry reported on Monday.

Russia sold 34.7 million tons of wheat during the indicated period, marking 10.9% growth compared to the same period a year ago, ministry data indicates.

According to the figures revealed by the Federal Customs Service, overall exports of grains from Russia during the period amounted to 43.7 million tons, which is 14.1% more than the nation had sold by the end of April in 2020.

Also on rt.com Russia becomes net exporter of food for first time in post-Soviet history

Sales of barley saw strong growth of 56.4% and totaled 5.4 million tons, while exports of corn declined by 2.1% to 3.2 million tons.

Last week, Russian wheat export prices rose for the third consecutive week, buoyed by higher prices for July wheat WN1 on the Nasdaq and most traded milling wheat BL2U1 on the Paris-based Euronext. Global benchmarks increased on the reported supply concerns.

According to the International Grains Council (IGC), as cited by the Russian agricultural watchdog, the price for Russian wheat with 12.5% protein loading from Black Sea ports saw a weekly surge by $ 10, or 4.1%, to $ 255 per ton.

Russian exports of grains in the previous agricultural year, which began on July 1, 2019, and ended on June 30, 2020, amounted to 41.7 million tons, of which wheat sales accounted for 33.2 million tons.

Also on rt.com Russian agricultural exports soar nearly 30% as China and Turkey ramp up purchases

The ministry expects foreign overall sales of grains to total 45 million tons in the current agricultural year, with exports of wheat projected to rise to 35 million tons. In October, Russian Deputy Prime Minister Viktoria Abramchenko said that the country’s grain exports may reach 50 million tons.

Earlier this year, the Russian government introduced 30-percent duties on exports of some grains to stabilize domestic food prices. They will remain in place until 30 June 2021.

For more stories on economy & finance visit RT’s business section

Russia on course to keep global grain supplies high despite export cap

Author RT
This post originally appeared on RT Business News

Exports of Russian wheat and meslin flour more than doubled in January-February when compared with the same period of 2020, amounting to 7.59 million tons, according to the Federal State Statistics Service.

In monetary terms, wheat supplies abroad more than doubled to $ 1.884 billion. Exports of vegetable oil rose by 3.1% in annual terms and amounted to 589.2 thousand tons. They were worth more than $ 630 million.

Statistics also show that export of cereals by Russia in 2019 amounted to 39.4 million tons (including 31.9 million tons of wheat and meslin). Grain shipments in the 2019-2020 agricultural year (from July 1, 2019 to June 30, 2020) stood at 41.7 million tons. The country also supplied 33.2 million tons of wheat to the global market. The Ministry of Agriculture projects that in the 2020-2021 agricultural year grain exports will amount to 45 million tons.
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Last April, Russia capped grain shipments until July, to avoid domestic price spikes amid the global coronavirus crisis. Moscow introduced export limits for certain grains, including wheat, rye, barley, and corn, capping supplies at seven million tons.

Booming agricultural production in recent years has enabled Russia to capture more than half of the global wheat market, becoming the world’s biggest exporter of grain, thanks to bumper harvests and attractive pricing. Since the early 2000s, this share of the global wheat market has quadrupled.

For more stories on economy & finance visit RT’s business section

Fitch upgrades China’s growth rate due to strong export recovery & global demand

Ratings agency Fitch revised China’s GDP growth rate projection from 8% to 8.4% on Thursday, citing strong export recovery and global demand.

The country’s economic rebound to 6.5 percent in the fourth quarter of 2020 was described as “a remarkable achievement in the context of the pandemic.” Fitch said it reflected China’s success in containing the virus, as well as strong investment growth and a boost to net trade as exports rebounded very rapidly from mid-year and services imports collapsed.

China is the only major economy that is starting to normalize macroeconomic policy settings, where the fiscal deficit is being scaled back and credit growth is slowing as the economic recovery matures, said Fitch’s chief economist, Brian Coulton.
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The agency has also updated its forecast on the global GDP growth – from 5.3% in its December’s projection to 6.1%. It said the main driver of the global forecast revision was the much larger than expected fiscal stimulus package recently passed in the United States.

The $ 1.9 trillion stimulus represents more than 2.5% of global GDP, according to Coulton. “The pandemic is not over, but it is starting to look like we have entered the final phase of the economic crisis,” he said.

For more stories on economy & finance visit RT’s business section


Russia doubles wheat export tax to stabilize domestic food prices

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Export duty on Russian wheat has been doubled to €50 ($ 60.44) per ton from March 1. It will remain in force until a permanent floating tax is imposed in June.

The levy was introduced in February in a bid to protect domestic supply and stabilize the prices for flour and bread, and will be applied for certain grains under an export limit of 17.5 million tons for the remainder of the marketing year during the current season. The wheat tax does not apply to member countries of the Eurasian Economic Union.
Also on rt.com Sales of Russian wheat keep surging amid gloomy export forecasts
The Russian authorities have also approved the raising of export tax on corn and barley to €25 ($ 30.23) and €10 ($ 12,09) respectively. Exports of Russian rye are not subject to the tax.

“The measure will reduce exports, and will help to refocus market players from selling agricultural commodities to exporting agricultural goods with high added value,” the government said in a press release.

The current measure will expire on June 2, when the so-called floating tax will be imposed on wheat, corn, and barley. The measure will oblige sellers to register their export contracts on the Moscow Exchange.
Also on rt.com Russia to win back crown of world’s top wheat exporter despite looming quotas & export tax
Under the floating tax system, the base price indicator for wheat has been fixed at $ 200 per ton, so it will kick in only if the calculated market benchmark price is above the $ 200-per-ton threshold. For corn and barley, the base price indicator is set at $ 185 per ton.

According to the government, the scheme will minimize the negative impact of the price fluctuations seen globally on Russia’s domestic market.

For more stories on economy & finance visit RT’s business section