63 Million Barrels Of Crude Stuck At Sea As U.S. Pulls Iran Sanction Waiver
63 Million Barrels Of Crude Stuck At Sea As U.S.
Pulls Iran Sanction Waiver What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Iran was struggling to sell its crude to buyers in Asia outside China even before the U.S.
rescinded overnight the sanctions waiver that allowed Tehran to sell its oil without penalties.
The Iranianattackson three commercial vessels in the Strait of Hormuz on Tuesday prompted immediate U.S.
reaction with the U.S military striking multiple targets in Iran and the Treasury canceling the waiver on Iran’s oil sales that was supposed to be in place until August 21.
Iran’s oil sales could be constrained again even before they resume.
Since the memorandum of understanding was signed in mid-June, Iran hasrushed to load cargoesfrom its key export sites at Kharg Island, and move its tankers out of the Gulf as soon as possible, after weeks of virtually no exports because of the U.S.
The surge in Iranian shipments out of the Gulf and into waters near the Malacca and Singapore Straits gave Iran a lifeline to boost its exports that had suffered from the U.S.
SetOilPrice.comas a preferred source in Googlehere.
China has remained Iran’s key customer as other buyers are reluctant to commit to purchases.
has now ended the waiver, sanctions are in place again, and the buyers in India thatwere consideringpotential purchases have likely backed out.
Iran is thus left with millions of barrels of crude oil on tankers moving or idling in a large area from the Persian Gulf to the Strait of Malacca.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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