• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 3 hours Permian in for Prosperous and Bright Future
  • 7 hours Daniel Yergin Book is a Reality Check on Energy
  • 3 hours YPF to redeploy rigs in Vaca Muerta on export potential
  • 2 hours Gepthermal fracking: how to confuse a greenie
  • 14 hours US after 4 more years of Trump?
  • 7 hours Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 3 hours Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 18 hours The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 2 days US Oil Refinery Fexibility
  • 3 days China Must Prepare for War Says State Media
  • 3 days Interconnection queues across the US are loaded with gigawatts of solar, wind and storage
  • 1 day Surviving without coal is a challenge!!
  • 2 days Portuguese government confirms world record solar price of $0.01316/kWh

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.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • mhinder bhopal on March 10 2020 said:
    time to stand up to the US, I hope the low oil price environ. wipes out US fracking, and then the US can be forced to be a bit more sensible.
  • William Kao on March 10 2020 said:
    Let me get this straight - in 1951 Iran's PM tried to nationalize their own oil and this annoys the British Empire (oh, yes - the British Empire still exists to this date even though it is the American Empire that overshadows the Brits). So, as history sees it, the Americans and Brits tries to overthrow the Iranian government to control another country's oil. So, from 1953 onwards, US has been actively and covertly placing control measures in Iran.

    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.
  • Erido Warper on March 10 2020 said:
    geat to see US doing the necessary to punish the psuedo religious evil Khaminie terrorist regime. Soon Khaminie will die like a dog and world becomes a better place.
  • Sophie Scholl on March 10 2020 said:
    Any country'e domestic laws apply solely to that country and her citizens and to no one else. By what authority, therefore, has the US jurisdiction over other sovereign countries, who are independent nations, and have no legal ties to that nation. Does the word "bully" come to mind? Is it correct to acquiesce to the demands of a bully, or should you protest and make a stand? How can justice and international law be served by those who would subjugate the freedom of other nations for their own military, economic and political ends. How would the US feel if other countries sanctioned her, as a nation, as individuals, in economic, political, military and cultural matters? Bullies are found in all walks of life. Do we really have to pander up to them, or draw a line in the sand and say "Enough is enough!"
  • Mamdouh Salameh on March 10 2020 said:
    One more extra US sanction will not change the situation. Iran will continue to resist the intrusive US sanctions against its crude oil exports and will manage as always to find ways to circumvent the sanctions whether by barter trade, or direct supply of crude oil to its main customers namely, China, India, Turkey and the European Union (EU) or ship-to-ship transfer.

    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
  • Victor Edwards on March 09 2020 said:
    Don't worry. The FED will shovel trillions out the back door to oil companies -- and their banks [as you listening, Goldman Sachs?]

Leave a comment

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