Iran’s Fleet of Shadow Tankers Has Run Out of Oil
4 Articles
4 Articles
Iran’s Fleet of Shadow Tankers Has Run Out of Oil
“For most of the war, Iran had an invaluable cushion: dozens of oil tankers holding millions of barrels of crude sitting safely in waters in Asia. Tehran steadily sold the oil to China, bringing in billions of much-needed cash,” the Wall Street Journal reports. “Now, that floating storage is gone. By mid-October, the reserves were […]
(Seoul = Yonhap News) Reporter Lee Shin-young = As the U.S. blockade of the Strait of Hormuz continues, all the crude oil from the 'shadow fleet' Iran had formed for oil exports...
For the lion's share of this war, Iran enjoyed a comfortable buffer: millions of barrels of oil were safely sloshing around in Asian waters on dozens of tankers. Tehran sold this oil steadily to China, earning billions of much-needed dollars.
The US naval blockade has depleted Iran's tanker reserves used for selling oil to China. The decrease in offshore oil reserves, which at one point reached 135 million barrels, is putting pressure on Tehran's foreign exchange earnings and energy trade.
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