Iran Has Huge Hoard of Floating Oil to Clear When Sanctions Lift
May 26 2021, 5:20 AM
May 25 2021, 6:05 PM
May 26 2021, 5:20 AM
(Bloomberg) Hereâs something to watch out for when and if U.S. sanctions on Iran are lifted: a tens-of-millions-of-barrels stash of oil floating on tankers, just waiting to go to buyers.
(Bloomberg) Hereâs something to watch out for when and if U.S. sanctions on Iran are lifted: a tens-of-millions-of-barrels stash of oil floating on tankers, just waiting to go to buyers.
The Persian Gulf country may be holding as much as 69 million barrels at sea, according to estimates from E.A. Gibson Shipbrokers Ltd., a London-based broker that traces is history back to the 19th century. It is hard to be sure exactly how big the floating stockpile really is because itâs unclear exactly how many ships are being used and how full they are, said Richard Matthews, the firmâs head of research.
Oil Ekes Out Minimal Gains as Iran Concerns Conflict With Surging Demand
by Ship & Bunker News Team
Tuesday May 25, 2021 Meanwhile, the U.S. is heading into a major summer oil squeeze: File Image/Pixabay Two familiar and conflicting issues for crude traders - rising demand due to the global reduction of Covid cases, and the possibility of
Iran s return to the market - were said to be the reasons that oil eked out minimal gains on Tuesday. Expectations were high that
U.S. oil inventory reports would show crude inventories declining by
1.1 million barrels last week, but this was tempered by indirect negotiations between the U.S. and Iran due to resume in
Oil little changed as investors weigh Iran talks, demand bump
Andres Guerra Luz and Alex Longley, Bloomberg News Storage tanks located near a dock for Hornbeck Offshore Services, Inc. oil industry support vessels in Port Fourchon, Louisiana, U.S., on Thursday, June 11, 2020. Oil eclipsed $40 a barrel in New York on Friday, extending a slow but relentless rise thatâs been fueled by a pick-up in demand and could signal a reawakening for U.S. shale production. Photographer: Luke Sharrett/Bloomberg , Bloomberg
Oil inched up with the prospect of a continued recovery in demand offsetting some concerns around higher Iranian supplies if sanctions on the countryâs exports are loosened.
Oil inched up with the prospect of a continued recovery in demand.
(Bloomberg) Oil inched up with the prospect of a continued recovery in demand offsetting some concerns around higher Iranian supplies if sanctions on the country’s exports are loosened.
West Texas Intermediate closed higher after switching between gains and losses in about a $1-a-barrel trading range on Tuesday. Expectations for a pick-up in demand as the U.S. summer driving season begins this month as well as signs of improving mobility in Europe are keeping prices supported. Meanwhile, talks between Iran and other nations continued in Vienna to resolve outstanding issues on a nuclear accord, which may pave the way for the removal of U.S. sanctions on crude flows from the Persian Gulf nation.
Oil wavers with talks resuming on potentially reviving Iran deal
Andres Guerra Luz and Alex Longley, Bloomberg News Storage tanks located near a dock for Hornbeck Offshore Services, Inc. oil industry support vessels in Port Fourchon, Louisiana, U.S., on Thursday, June 11, 2020. Oil eclipsed $40 a barrel in New York on Friday, extending a slow but relentless rise thatâs been fueled by a pick-up in demand and could signal a reawakening for U.S. shale production. Photographer: Luke Sharrett/Bloomberg , Bloomberg
Oil switched between small gains and losses as investors weighed talks of higher Iranian supply against the prospect of a continued recovery in demand.