The United States has expanded sanctions against Iran’s oil and petrochemicals sectors, including targeting ships and ship owners that have illicitly transported Iranian petroleum.
The U.S. Treasury and State Department have designated several companies, based in Suriname, India, Malaysia, and China, for “knowingly engaging in a significant transaction for the purchase, acquisition, sale, transport, or marketing of petroleum or petroleum products from Iran.”
Suriname-based Strong Roots Provider NV, Suriname-based Glazing Future Management NV, Suriname-based Engen Management NV, India-based Gabbaro Ship Services PVT LTD, Malaysia-based Alya Marine Sendirian Berhad, and Hong Kong-based Celia Armas Ltd were all slapped sanctions by the United States. The vessels Berg 1, Voras, Hornet, Shanaye Queen, Carol, and Octans – owned by these companies – were found to have shipped Iranian oil.
The U.S. sanctions come in response to Iran’s missile attack on Israel early this month, which sparked an oil price rally, and Brent crude prices jumped by as much as 8% in one week.
The new U.S. sanctions on Iran in response to the attack on Israel “include measures against the “Ghost Fleet” that carries Iran’s illicit oil to buyers around the world,” National Security Advisor Jake Sullivan said in a statement.
“These measures will help further deny Iran financial resources used to support its missile programs and provide support for terrorist groups that threaten the United States, its allies, and partners,” Sullivan added.
Iran’s crude oil exports are estimated to have dramatically slowed in October as the country braces for possible retaliation following its missile attack on Israel. With Israeli strikes on Iranian oil facilities a topic of discussion, Iran’s oil exports dropped to around 600,000 barrels per day (bpd) in the first 10 days of the month—about a third of recent months’ volumes.
Despite strong export levels in recent months, with a peak of 1.83 million bpd in September, October’s figures are expected to fall far short. Even if normal loadings resume, Iran is unlikely to exceed 1.35 million bpd by the end of the month, analysts say.
Source » oilprice