 |
Louisiana Light • 4 days | 91.40 | +0.24 | +0.26% | ||
|
Bonny Light • 4 days | 95.60 | -0.40 | -0.42% | ||
|
Opec Basket • 4 days | 95.73 | +0.72 | +0.76% | ||
|
Mars US • 3 days | 88.73 | -0.10 | -0.11% | ||
|
Gasoline • 10 mins | 2.541 | -0.021 | -0.82% |
|
Bonny Light • 4 days | 95.60 | -0.40 | -0.42% | ||
|
Girassol • 4 days | 96.55 | -0.49 | -0.50% | ||
|
Opec Basket • 4 days | 95.73 | +0.72 | +0.76% |
|
Peace Sour • 13 hours | 84.53 | +0.40 | +0.48% | ||
|
Light Sour Blend • 13 hours | 85.03 | +0.40 | +0.47% | ||
|
Syncrude Sweet Premium • 13 hours | 93.63 | +0.40 | +0.43% | ||
|
Central Alberta • 13 hours | 84.53 | +0.40 | +0.48% |
|
Eagle Ford • 4 days | 86.51 | +0.40 | +0.46% | ||
|
Oklahoma Sweet • 4 days | 86.50 | +0.50 | +0.58% | ||
|
Kansas Common • 4 days | 80.25 | +0.25 | +0.31% | ||
|
Buena Vista • 5 days | 95.08 | -0.15 | -0.16% |
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US Goes After Iran’s Floating Oil Storage
Washington has plans to issue warnings to oil shippers, insurers, and port authorities that storing Iranian crude oil will bring the wrath of US sanctions, a US State Department official said on Monday, according to Reuters.
The US will target those who store Iranian oil or oil products in violation of current sanctions, “no matter where they are” David Peyman, Deputy Assistant Secretary of State for Counter Threat Finance and Sanctions, said in a statement.
The US is also looking to ship captains to obtain and submit to US authorities photo evidence of anyone engaged in the practice of ship-to-ship transfers of Iranian oil,
The United States is still working to get Iran’s oil exports to zero, but China, for one, continues to import the sanctioned oil.
The warning from the United States are likely not empty threats. Last year, Chinese shipper COSCO had several units sanctioned after transporting Iranian crude in violation of the sanctions, resulting in a significant increase in shipping costs for the crude trade.
And just two weeks ago, five US citizens were charged with violating Iranian sanctions by buying Iranian oil and selling it on to China. The accused, if convicted, face up to 25-year prison sentences and fines of up to $1.25 million each.
The increased campaign on Iranian sanctions highlight the United States’ dedication to bring about change after the US pulled out of the nuclear deal. While exports haven’t fallen to zero, exports from Iran have fallen sharply, even after Iran’s efforts to circumvent US sanctions by conducting ship to ship transfers and turning off transponders to avoid detection.
Iran has admitted that the US sanctions have stymied its oil industry, but vowed to continue to resist the effects of the sanctions by increasing subversive activities in the way it ships its crude oil.
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By Julianne Geiger for Oilprice.com
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Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
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Open57.81
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With the OPEC for years, US has been controlling the distribution of oil and pocketing the money while other countries must follow along. I'm just surprised it took to now for Putin to say f-you to US and OPEC. It's really ridiculous that the US and the British Empires have controlled other states where they have no business being there. It's like a bully, a thug, or some mafia gang member coming to your house or business saying you can't do this or sell your stuff unless you agree to our terms. That's pretty much extortion. The worse thing is the news media spreads their propaganda to the rest of the empire and everyone just gobbles the crap up like it's water.
So far the United States has failed miserably to stop Iran’s crude oil exports or effect a regime change. This will continue to be the case until the United States gets fed up with its own sanctions.
Dr Mamdouh G Salameh
International Oil Economist
Visiting Professor of Energy Economics at ESCP Europe Business School, London