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
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
