Iranian storage poses shipping headache
Iran may face crude transportation bottlenecks if and when sanctions are lifted
Iran and Western powers are back negotiating a tentative nuclear agreement, raising the possibility that sanctions on Iranian crude might be lifted once more. But despite Iran having huge stocks of crude already in storage, the country may experience bottlenecks—at least initially—with shipping that glut, given the state of its domestic fleet, concerns among other shipowners and insurance stipulations and requirements. State-run news agency IRNA claims that there are currently 78mn bl of Iranian crude stored aboard “tankers in Asian waters”. Energy market analytics firm Vortexa estimates that 36 tankers—comprising 31 very large crude carriers (VLCCs) and five Suezmax vessels—from the state-
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources