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Before the announcement of new sanctions on Iranian oil exports, the United States has imposed sanctions on Venezuelan crude oil; and in another important heavier crude oil producer, Angola, production has encountered obstacles. Heavier crude oil is suitable for processing high-margin oils such as aviation kerosene.

Before implementing new shipping emissions rules next year, refineries are also seeking to import more heavy, low-sulfur crude oil from Iran and Venezuela. The two oil-producing countries used to supply such crude oil in large quantities to produce low-sulfur fuel oil.

US officials said that despite the sanctions imposed by the United States, the global oil supply will remain abundant, especially given the boom in shale oil production in the United States. However, the oil-producing countries headed by the United States, Saudi Arabia and Russia are mostly supplied with light oil.

A North Sea crude oil trader said that prices of heavier crude oil such as Grane and Heidrun in Norway have been strong in the past few months. Grane crude oil rose from $0.10 per barrel in the immediate Brent crude oil to $1.00 per barrel in April.

According to sources, the Iraqi National Oil Marketing Organization (SOMO) sold 2 million barrels of Basil heavy oil to China's United Petrochemical this month. The price per barrel was more than US$2, which was the highest in many months.

Traders said that the prices of several Angolan crude oils are at the highest level ever. These crude oils are an alternative supply to Iranian and Venezuelan crude oil.


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