Iran's Reliance on Own Oil Tankers Grows Even as Flows Slump [Bloomberg Business News]
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Source: Bloomberg Business News
LISTEN TO ARTICLE 2:27 It is still nearly three months until U.S. sanctions on Iran’s oil exports snap back into force, but they are already having a big impact on the Persian Gulf country’s trade. The nation’s outflow has fallen, and Iran is having to rely more on its own fleet of tankers to carry oil to its customers, according to ship-tracking data compiled by Bloomberg. Iran’s exports of crude and condensate, a form of light oil extracted from gas fields, were down by 430,000 barrels a day, or 15 percent, in July compared with April, the last month before President Trump announced that he was pulling the U.S. out of the Iran nuclear deal and re-imposing sanctions. Iran’s fleet of very large crude carriers, or VLCCs, and Suezmax tankers -- the largest that can fit fully-laden through the Suez Canal -- has always played an important role in delivering Iranian crude to customers, but it is increasing as insurers and international shippin
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