Iran November condensate exports to recover 1% from 5-month low: source

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Updated 18 October 2017
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Iran November condensate exports to recover 1% from 5-month low: source

TOKYO: Iranian exports of ultra-light crude oil known as condensate are set to recover 1 percent in November from a five-month low in October, although maintenance at a key oilfield will continue to drag on supply, a source with knowledge of the country’s preliminary tanker schedule said on Tuesday.
Iran plans to load a total of about 297,000 barrels per day (bpd) of condensate for export in November, up slightly from around 295,000 bpd this month, said the source, who declined to be identified as he was not authorized to speak to media.
Shipments of condensate are being dented by a “technical problem” at the South Pars field, with maintenance expected to take 1-2 months to complete, National Iranian Oil Company’s Director of International Affairs Saeid Khoshrou told Reuters in late September.
Exports of condensate, used in petrochemical production, will return to about 450,000 bpd after the maintenance, although that is still well below the 550,000 bpd average over the last 15 months, the official said.
Shipments of the ultra-light oil from Iran have eased since reaching a post-sanctions high of 601,000 bpd in February this year, more than double the level from January 2016 when Western sanctions over Tehran’s nuclear program were lifted.
Iran has struggled to expand oil exports after it had cleared excess oil stored onshore and offshore. Iran, a member of the Organization of the Petroleum Exporting Countries, does not publish monthly data on its condensate and crude exports.
Iranian condensate exports to top customer South Korea will rise to nearly 186,000 bpd from about 153,000 bpd in October, the source said.
Meanwhile, the United Arab Emirates is expected to lift about 99,000 bpd next month, down 11 percent from October, while Japan is to load 12,000 bpd in November, also down 11 percent.
China will not load Iranian condensate next month after loading nearly 17,000 bpd in October, the source added.
US President Donald Trump last week struck a blow against the 2015 Iran nuclear deal, defying both US allies and adversaries by refusing to formally certify that Tehran is complying with the accord even though international inspectors say it is.


Microsoft beats Wall Street targets on cloud services revenue

A Microsoft logo is seen in Los Angeles, California US, in this November 7, 2017 photo. (REUTERS)
Updated 20 July 2018
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Microsoft beats Wall Street targets on cloud services revenue

  • Revenue for the company’s LinkedIn business and job network grew 37 percent from the year-ago quarter, while its Dynamics 365 online business application suite posted a 61 percent increase
  • Net income rose to $8.87 billion, or $1.14 per share, from $8.07 billion, or $1.03 per share, in the year-ago fourth quarter

NEW YORK: Microsoft Corp. on Thursday posted quarterly profit and revenue that beat analysts’ estimates, as more businesses signed up for its Azure cloud computing services and Office 365 productivity suite.
The company’s flagship Azure cloud product recorded revenue growth of 89 percent in the fourth quarter ended June 30. Its shares rose nearly 4 percent in after-hours trading.
Much of Microsoft’s recent growth has been fueled by its cloud computing business, which has benefited from companies rushing to shift their workloads to the cloud to cut data storage and software costs.
“The combination of the cloud, which is a megatrend that’s going to last for years to come, and the execution, this is company that knows how to sell and be innovative — it’s hard to argue with anything here,” said Tom Taulli, InvestorPlace.com analyst.
Microsoft shares have risen 180 percent since Satya Nadella took over as chief executive in 2014, refocusing the company on cloud computing rather than PC software. Its market cap edged above $800 billion for the first time earlier this month.
Azure has a 16 percent share of the global cloud infrastructure market, making it the second-biggest provider of cloud services after Amazon.com Inc’s Amazon Web Services, according to April estimates by research firm Canalys.
Revenue at Microsoft’s productivity and business processes unit, which includes Office 365, rose 13.1 percent to $9.67 billion, topping analysts’ average expectation of $9.65 billion, according to Thomson Reuters I/B/E/S.
“This was another gem of a quarter from Microsoft as Nadella’s cloud vision is coming to fruit on the heels of massive Azure growth and secular tailwinds,” said Daniel Ives at research firm GBH Insights.
Revenue for the company’s LinkedIn business and job network grew 37 percent from the year-ago quarter, while its Dynamics 365 online business application suite posted a 61 percent increase.
The combination of those two services highlights Microsoft’s rise as an alternative to Salesforce.com Inc, which dominates the customer relationship management market, said Johnny Won, founder of Hyperstop, a tech consultancy firm.
“It seems like this is actually a formidable threat to Salesforce,” Won said.
Overall, the Redmond, Washington-based software maker’s revenue rose 17.5 percent to $30.09 billion, above expectations of $29.21 billion.
Net income rose to $8.87 billion, or $1.14 per share, from $8.07 billion, or $1.03 per share, in the year-ago fourth quarter. https://bit.ly/2uOF9W1
Excluding certain items, Microsoft earned $1.13 per share, while analysts had expected $1.08.