• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 8 minutes The Inconvenient Truth Of Electric Cars
  • 5 hours Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 4 hours To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
  • 48 mins Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 mins SHALE MAGIC: Let the oil flow: US to lead oil output growth through 2030: ConocoPhillips chief economist
  • 2 mins The Plastics Problem
  • 5 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 18 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 18 hours The Strait of Hormuz is the world’s most important oil transit chokepoint
  • 13 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 24 mins On the hobby side of things
  • 7 hours Cap and trade: What could Oregon’s carbon policy cost you?
  • 20 hours Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 11 hours Oil Demand Needs to Halve: Equinor
China’s Risky Move To Boost Domestic Oil Production

China’s Risky Move To Boost Domestic Oil Production

China’s increasing foreign oil imports…

The LNG Shipping Market Is Set For A Bull Run

The LNG Shipping Market Is Set For A Bull Run

In contrast to the volatile…

Fuel Supplies Tight As Oil Truck Drivers Go On Strike In Iran

Gas station

Oil truck drivers in Iran have started a new strike demanding improved working conditions, and the industrial action has resulted in large lines forming at gasoline stations in Iran, The Middle East Monitor reports, quoting the Anadolu Agency and local media.

The strike is the second that truck drivers in Iran have staged this year, after a prolonged strike action in May in which they protested against rising costs for insurance, repairs, spare parts, and tolls, while their wages were stagnant. Back in May, the government has reportedly agreed to raise the pay for truckers by 15 percent, VOA reported.

According to The Middle East Monitor, nothing has been done yet to meet the truckers’ demands from May.

The latest industrial action by oil truckers in Iran comes less than two months after the first set of U.S. sanctions on Iran snapped back, and just six weeks before the second round of sanctions, including on Iran’s key revenue source—oil exports—kick in.

Over the past few months, Iran’s economy has faltered, and its currency, the rial, hit a new low this week against the U.S. dollar on the unofficial exchange rate.

According to data compiled by U.S. economist Steve Hanke of Johns Hopkins University, Iran’s annual inflation rate as of Monday was 293 percent—an all-time high.

The economic hardships are causing a surge in the price of goods, including diapers. Shortages of goods also abound, with Iranian authorities conducting raids to confiscate illegal hoards of rare and costly items such as diapers.  

The sanctions on Iran’s oil are now expected to remove more than 1 million bpd from the oil market, compared to earlier projections of around a 500,000-bpd loss, before the United States started to show signs that waivers would be given sparingly, if at all.

Although Iran’s oil exports are unlikely to drop to zero, they could halve to 1 million bpd-1.3 million bpd, Ben Luckock, co-head of oil trading at commodity trader Trafigura, told S&P Global Platts this week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News