Iranian crude oil is once again flowing onto global markets just before the US lifts sanctions on these shipments, allowing many more countries to purchase it. Over the past week, more than 30 million barrels of oil have been shipped to Asia.
According to Bloomberg, the surge reflects mainly the clearing of backlogged cargoes. Statistically, exports are expected to drop again once the backlog is cleared. Current shipping volumes stand at around 2 million barrels per day, down from roughly ten times that before the war.
Despite the temporary nature, the short-term increase could benefit Tehran by allowing it to sell more oil at smaller discounts, given a potentially wider customer base once sanctions are lifted.
Tanker congestion near Kharg Island
About 20 vessels are anchored east of Kharg Island, Iran’s largest oil hub, and resumed loading tankers over the weekend after a six-week pause. Additional Iran-linked ships, previously held near Pakistan and Sri Lanka due to US blockades, are now heading back toward the Persian Gulf to pick up further loads.
The US Department of the Treasury lifted sanctions on purchases of Iranian crude on Monday, effective until August 21. This 60-day period gives Washington and Tehran time to negotiate a permanent peace deal.
The 60-day window and its limits
The lifting theoretically allows almost any buyer, even US refineries, to purchase and pay for Iranian oil. In practice, the European Union maintains its own sanctions, and many countries may need more than 60 days to reestablish long‑suspended trade relationships.
Meanwhile, rafineries in Asia appear to be the first to take advantage, as the bulk of the tankers are heading east. Analysts caution that the window is narrow and that a permanent agreement is far from certain.
Źródło: WNP.PL, Fot. Shutterstock
