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Where Will Oil Prices Go After Algiers?

Where Will Oil Prices Go After Algiers?

Following the media spectacle that…

Iran Launches its First Ever Domestically Produced Aframax Oil Tanker

In an effort to reduce the effectiveness of EU sanctions Iran has launched its first ever home produced aframax oil tanker, capable of carrying 700,000 barrels of oil.

Mehdi Etesam, the managing director of Iran Maritime Industrial Company SADRA, has said that “the production of the aframax ship is the first export shipbuilding activity of Iran, and we must continue by attracting more customers.”

The oil tanker was ordered by Venezuela, whose president Hugo Chavez has nurtured ties with Tehran as part of his anti-US political stance.

EU sanctions which came into full effect in July have made it very difficult to find insurance brokers to cover tankers transporting oil from Iran. Added to that is the fact that influential US lobby groups have pressured top ship classifiers to deny safety and environmental certifications for Iran’s shipping firms, without which the ships are unable to make port in international harbours. Producing their own ships should allow Iran to avoid these sanctions.

By. Joao Peixe of Oilprice.com



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