Executive Briefings

Iran Faces Numerous Obstacles to Ramping Up Oil Exports

Iran faces a struggle to increase oil exports because many of its tankers are tied up storing crude, some are not seaworthy, and foreign shipowners remain reluctant to carry its cargoes.

Iran Faces Numerous Obstacles to Ramping Up Oil Exports

Tehran is seeking to make up for lost trade to Europe following the lifting of EU sanctions imposed in 2011 and 2012, which deprived it of a market that accounted for over a third of its exports and left it relying completely on Asian buyers.

Iran has 55 to 60 oil tankers in its fleet, a senior Iranian government official said. He declined to say how many were being used to store unsold cargoes, but industry sources said as many as 27 tankers were parked in sea lanes close to terminals, including Assaluyeh and Kharg Island for this purpose.

Asked how many tankers were not seaworthy and needed to go to dry docks for refits to meet international shipping standards, the senior official said: "Around 20 large tankers ... need to be modernized."

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Tehran is seeking to make up for lost trade to Europe following the lifting of EU sanctions imposed in 2011 and 2012, which deprived it of a market that accounted for over a third of its exports and left it relying completely on Asian buyers.

Iran has 55 to 60 oil tankers in its fleet, a senior Iranian government official said. He declined to say how many were being used to store unsold cargoes, but industry sources said as many as 27 tankers were parked in sea lanes close to terminals, including Assaluyeh and Kharg Island for this purpose.

Asked how many tankers were not seaworthy and needed to go to dry docks for refits to meet international shipping standards, the senior official said: "Around 20 large tankers ... need to be modernized."

Read Full Article

Iran Faces Numerous Obstacles to Ramping Up Oil Exports