India's oil imports rose 4.6 percent in February

Share
India's oil imports rose 4.6 percent in February

Iran and Russian Federation reportedly struck a deal to enable Iran to continue to export its oil worldwide by navigating through the Caspian Sea.

But potential sellers of used vessels are more wary this time round after a Greek network that helped Iran buy tankers under previous sanctions was blacklisted.

Days after US sanctions on Iran's oil, shipping, and insurance industries returned in early November, the Special Representative for Iran Brian Hook said at a press briefing that "If Iranian tankers make calls to your ports or transit through your waterways, this comes at great risk".

The news of an advanced level meeting with industry executives on critical diplomatic and political mandates came forward, after Paris-based International Energy Agency (IEA) commented yesterday (March 11th) that the United States would be leading the global crude supply and controlling the markets alongside prices within next five years.

Earlier, the USA had granted significant reduction exemptions (SRE) to China, India, Italy, Greece, Japan, South Korea, Taiwan, and Turkey in November 2018 for a period of six months.

Replacing vessels is not going to be an easy task because of the USA sanctions.

Oil traders do not want to enter Iran.

A senior Iranian official told Reuters that "Plenty of countries are happy to do business with Iran", adding that there are several ways to cope with the shortage of tankers, including using tankers of other countries.

OPEC and its Russia-led non-OPEC partners have been influencing the state of the oil market with cuts or production increases, such as those just ahead of the US sanctions on Iran to proactively respond to what the USA was promising to be "zero" Iranian oil exports. Insurance companies in the West are also hesitant to get involved.

The United States has reimposed sanctions against Iran after withdrawing from a landmark 2015 agreement under which Tehran agreed to restrictions on its nuclear program in exchange for sanctions relief.

"Iran is trying to bypass the sanctions on it through the covert smuggling of petroleum via the sea", he said. Most Europeans, as well as Japan and South Korea, have stopped. It is now looking elsewhere including Vietnam. A third Iranian official said talks were still ongoing.

Renewed US sanctions have also meant Iran has been unable to secure vital certification services from foreign providers to ensure its ships remain seaworthy, shipping officials said.

It is believed that more than 15 Iranian tankers are coming up to 20 years old.

Iran has more than 50 tankers, but needs them for both transporting oil and storing unsold stocks in its territorial waters - given its limited onshore storage capacity.

Share

Advertisement

Related Posts

Gary Anderson Claimed His First Coral UK Open Title
A Few Information About Gary Anderson Gary Anderson is a professional darts player who was born in 1970 in Musselburgh. He’s 24 years younger than Gary Anderson, so we can agree that the experience made the difference in this case.

19 arrested in Gujarat’s Rajkot for playing banned mobile game PUBG
Police said the accused did not even realise that the police team was approaching them to make arrests while playing PUBG Mobile . While six students have been released on bail, others are in the process of being released.

Oil prices rise amid broad market rally, OPEC supply cuts
The EIA data came after the American Petroleum Institute also said Tuesday that USA crude stocks had fallen in the previous week. International Brent crude oil futures were at $66.85 a barrel at 0341 GMT, up 18 cents, or 0.3 percent, from their last close.

Winners of Max Polyakov’s initiative Vernadsky Challenge hit the top of CES 2018
The engineering startup competition provides its participants with reviews from industry expert, as well as customer feedback. The organizers are interested in a wide range of fields from space technology and robotics to military and medical equipment.

Online Casinos that Accept UK Players
Since the UK has grown to become a thriving gambling market, numerous gaming destinations have popped up that provide the service. Since the UK is regarded as the online gaming hub of the world, gamblers in the region are in no short supply of casino options.

Earl Thomas Thanks Fans in Seattle After Signing with the Baltimore Ravens
After not missing a game in his first six seasons, he wound up on injured reserve with broken legs in two of the last three years. The Baltimore Ravens are going to have a whole new look on defense next season after losing several key players including C.J.

Queen Elizabeth II will create a new Household for Meghan and Harry
It's a reflection of the new role Harry has in the Royal Family as a married man and a soon-to-be father. Queen Elizabeth has now agreed to allow them to set up a new base at Buckingham Palace this Spring.

Lakers rally form 20-point deficit to beat Bulls
His first highlight-reel slam came early in the third quarter, in the form of a very rare full court, bounce-pass alley-oop. There is no timetable on LaVine's return. "Our training/medical is optimistic so he wants to play".

UEFA investigating Neymar's penalty comments
Neymar , meanwhile, has not featured for PSG since he went off injured in the side's 2-0 victory over Strasbourg on January 23.

Beto O'Rourke Joins Democratic Presidential Field
O'Rourke ran for a Senate seat representing the state of Texas in 2018, losing by less than three percentage points to Sen. O'Rourke, whose given name is Robert Francis, acquired his nickname while growing up in El Paso, Texas.

© 2015 ExpressNewsline. All Rights reserved.