Iran is trying to sell 20 million barrels of oil amid sanctions — Bloomberg
More than 20 million barrels of Iranian oil are currently stranded on tankers in Asian waters due to difficulties in finding buyers.
Tehran is trying to urgently sell these volumes before the 60-day exemption from sanctions granted by the United States expires.
According to the analytics firm Kpler, in the last week alone, the volume of Iranian oil stranded in Asian waters has increased by nearly 18%.
According to calculations by Bloomberg and data from Vortexa, the total amount of “stuck” oil—either in transit or anchored in roadsteads—is estimated at 58–68 million barrels.
The situation is complicated by the fact that more than 90% of these cargoes do not have a fixed destination.
Ship registries often list “for orders” or Singapore as the next port of call, indicating likely preparations for transshipment from ship to ship directly in the Strait of Malacca.
Tehran has until mid-August to find markets for the accumulated volumes.
This became possible after the U.S. temporarily eased sanctions pressure in June and lifted the blockade of ports as part of an interim peace agreement.
However, demand from key importers, particularly Chinese independent oil refineries, remains critically low.
Utilization rates in this sector in China have now fallen to their lowest levels in the past nine years.
This was reported by Bloomberg.
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