By Javier Blas (Bloomberg) -- Aggressive and undiplomatic, certainly, but also extremely effective. With nearly 50 days to go before new U.S. oil sanctions against Iran enter into force, President Donald Trump has already managed to crush the country’s petroleum exports, dealing severe economic damage to Tehran. Iranian oil exports have plunged about 35 percent … [Read more...]
Iran Returns to Floating Storage for Its Oil as Buyers Retreat
By Anthony DiPaola, Julian Lee and Alex Longley (Bloomberg) -- Iran is starting to store oil on its fleet of supertankers again as impending U.S. sanctions force the Persian Gulf country to revive a strategy it deployed under previous curbs. The build-up of crude in floating storage offshore Iran signals the effectiveness of the new sanctions imposed by U.S. President Donald … [Read more...]
Iran’s Tanker Fleet Gives it Oil-Export Lifeline as Sanctions Loom
By Serene Cheong (Bloomberg) -- Iran’s own fleet of tankers may provide a lifeline for its crude and condensate exports that’ll be slashed as U.S. sanctions against the Persian Gulf nation take hold. As Iran’s customers give in to mounting U.S. pressure, shipments from the OPEC member may drop to under 1 million barrels a day by mid-2019, down from a daily 2.5 … [Read more...]
China Shipowners Stop Hauling Iranian Oil as U.S. Sanctions Near
By Bloomberg News (Bloomberg) -- China’s shipowners are shunning Iran’s oil, while the OPEC producer is using its own tankers to supply top customers as impending U.S. sanctions threaten to disrupt global crude trade. All 17 ships used to carry oil from the Islamic Republic to China in July and August are owned by the state-run National Iranian Tanker Co., according to … [Read more...]
Iran Test-Fired Anti-Ship in Strait of Hormuz Last Week -U.S. Official
WASHINGTON, Aug 10 (Reuters) - Iran test-fired a short-range anti-ship missile in the Strait of Hormuz during naval drills last week that Washington believes were aimed at sending a message as the United States reimposes sanctions on Tehran, a U.S. official said on Friday. The official, however, did not suggest that such a missile test was unusual during naval exercises or … [Read more...]