Business Maverick: Iran may drain offshore crude oil cache if nuclear deal reached

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 84%

Business Business Headlines News

Business Business Latest News,Business Business Headlines

Progress towards an Iranian nuclear deal has thrown the spotlight onto a sizable cache of crude held by Tehran that could be swiftly dispatched to buyers in the event an agreement gets hammered out.

About 93 million barrels of Iranian crude and condensate are currently stored on vessels in the Persian Gulf, off Singapore and near China, according to ship-tracking firm Kpler, while Vortexa Ltd estimates the holdings at 60 to 70 million barrels. In addition, there are smaller volumes in onshore tanks.

The possible full readmittance of Iran to the global crude market, with the potential lifting of US sanctions, comes at a complex moment for oil traders. Investors are juggling the countdown toward far tighter European Union curbs on Russian crude flows from December as part of the bloc’s pushback against the war in Ukraine. In addition, the Biden administration’s mammoth sale from the Strategic Petroleum Reserve will end in October.

The focus for diplomats is the revival of a multinational accord that limited Iran’s nuclear programme in exchange for the lifting of related sanctions, including on oil flows. The original deal collapsed after then-president Donald Trump abandoned it.

While Iran may aim to fill the void left by Russia in Europe, namely in Spain, Italy, Greece and even Turkey, Tehran would also attempt to reclaim share in the prized Asian market, even if it takes a sweetening of terms, Driscoll said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I wish everyone can be like you, lisa , I haven't lost since you have been managing my trading account, I love you so much LisaMarkdona2

Instead, he focuses on complementing his team and himself while people suffer. MuhammadQasimDreams

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Is the price of cooking oil overheated?Competition Commission fears cartel activity in sunflower oil industry. After discovering price fixing what does the competition commission do with the fine. Consumers must be refunded as well I said many times, our anger should be directed to Cartels who are worse than the government, thus players are causing havoc in our country, bread cartel was the worse, they were fined however the bread didn't come down, who benefits if they are fined, the whole system is scam Competion Commision must be investigated as well, we are told about fines to the Cartels however the money is not taken back to the Consumers, the while chain of events its a scam.
Source: SundayTimesZA - 🏆 47. / 51 Read more »