{"id":71616,"date":"2023-06-20T00:00:00","date_gmt":"2023-06-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/20\/today-iran-eyeing-a-joint-shipping-firm-with-russia-as-trade-ties-grow-is-the-tanker-market-getting-a-boost-from-rising-us-oil-exports\/"},"modified":"2023-06-20T00:00:00","modified_gmt":"2023-06-20T00:00:00","slug":"today-iran-eyeing-a-joint-shipping-firm-with-russia-as-trade-ties-grow-is-the-tanker-market-getting-a-boost-from-rising-us-oil-exports","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/06\/20\/today-iran-eyeing-a-joint-shipping-firm-with-russia-as-trade-ties-grow-is-the-tanker-market-getting-a-boost-from-rising-us-oil-exports\/","title":{"rendered":"TODAY: Iran eyeing a joint shipping firm with Russia as trade ties grow + is the tanker market getting a boost from rising US oil exports?"},"content":{"rendered":"

Good morning, lovely people.<\/span> We have a bit of everything for you in this morning\u2019s issue \u2014<\/span> with news from the startup world, a fresh e-commerce acquisition, and updates on a legal dispute concerning a major regional logistics firm. <\/span><\/p>\n

THE BIG LOGISTICS STORY- Talks between Russia and Iran over a trade agreement are<\/span> entering their final stages<\/span>, with plans to sign it by the end of the year. Meanwhile, Dubai\u2019s InstaShop has acquired wholesale marketplace GroCart. <\/span><\/p>\n

<\/a> <\/span>PSA-<\/span>New traffic rules for delivery riders in Abu Dhabi: <\/span>Abu Dhabi\u2019s Joint Safe Traffic <\/span>Committee is banning delivery bike riders from driving outside the right lane on highways where the speed limit is above 100 km\/h, as part of a plan to improve traffic safety for the riders, according to an Integrated Transport Center <\/span>statement<\/a><\/span>. <\/span><\/p>\n

<\/a><\/span> WATCH THIS SPACE-<\/span>Iran wants to set up a joint shipping firm with Russia to <\/span>facilitate trade and transit<\/span> \u201ca<\/span>s soon as possible,\u201d<\/span> Iranian Roads and Urban Development Minister Mehdrad Bazrpash said at the Saint Petersburg International Economic Forum, according to Iran\u2019s semi-official <\/span>Mehr News Agency<\/a><\/span>. <\/span><\/p>\n

ALSO FROM THE FORUM-<\/span> Iran, Russia, Uzbekistan and Turkmenistan reached a quadrilateral agreement over a transit route within the maritime domain of the Amirabad, Anzali and Caspian ports, the news agency reports, without clarifying the details of the agreement. Russia is also interested in potentially importing Iran-made construction materials, Russian Construction, Housing, and Utilities Minister Irek Faizullin is quoted as saying on the sidelines of the forum, according to the news agency. <\/span><\/p>\n

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The Enterprise Finance Forum is our flagship gathering \u2014 the one so many of you have <\/span>been waiting for. <\/span>The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location. <\/span><\/p>\n

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MARKET WATCH-<\/span><\/p>\n

<\/a> <\/span>Iran\u2019s oil exports have reached a five-year peak in May despite US sanctions<\/span>, <\/span>Reuters<\/a><\/span> reports<\/span>, citing <\/span>sources in the know. Exports in May reached 1.5 mn bbl \/ d in May, as the country boosted its output to over 3 mn bbl \/ d, which totals 3% of global supply, Reuters writes, citing OPEC figures. The rise in exports comes as <\/span>OPEC+ cut oil output<\/a><\/span> in a bid to stabilize the market.<\/span><\/p>\n

Are sanctions against Iran easing? <\/span>While the US has <\/span>attempted to curb Iranian oil exports by exiting the 2015 nuclear accord, exports have risen during current US President Joe Biden\u2019s time in office. \u201c<\/span>Sanctions are in place but perhaps they are not fully implemented or monitored,\u201d one consultant is cited as saying. The consultant added that another indication that exports are rising is the increase of trade in the \u201cdark market, where there is no transparency and so they are not reflected in formal global supply and export data.\u201d <\/span><\/p>\n

The tanker market is expected to benefit from increased US oil exports despite <\/span>challenges facing the industry<\/span>, according to<\/span> a <\/span>report (pdf)<\/a><\/span> from Gibson<\/span>. A decline in US oil rig counts \u2014 which is due to various factors including inflation, labor shortages, and oil demand concerns \u2014 has not hindered the steady increase in US oil output, as operators continue to increase their efficiency with new drilling technologies and enhanced oil recovery techniques to maximize recoverable oil. The International Energy Agency predicts this trend will continue, with the rise in US oil demand resulting in more cargo for export. <\/span><\/p>\n

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