Stock Photo: Alex Stemmers\/Shutterstock<\/p>\n
US\u00a0Naval\u00a0Blockade Squeezes Iran\u2019s Oil Exports, Forces Crude Onto Floating Storage<\/p>\n
OSLO\/LONDON, April 30 (Reuters)\u00a0\u2013\u00a0A U.S.\u00a0naval<\/p>\n
of Iranian ports has shrunk Tehran\u2019s oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space, shipping data showed and analysts said.<\/p>\n
With some vessels switching off tracking systems and U.S. forces turning back Iranian tankers, how much crude Iran is delivering to customers, particularly main customer China, is impossible to measure.<\/p>\n
Just a handful of carriers carrying Iranian crude have left the Gulf of Oman between April 13-25, oil analytics firm Vortexa said. That\u2019s down over 80% from a comparable period in March, when Iran exported 23.4 million barrels, LSEG data shows.<\/p>\n
Some of Tehran\u2019s vessels have been\u00a0intercepted\u00a0by the U.S. after leaving Iranian ports, along with\u00a0sanctioned container ships\u00a0and Iranian tankers\u00a0in Asian waters.<\/p>\n
EXACERBATING WIDER MARKET TIGHTNESS<\/p>\n
\u201cAt this stage, we estimate that around 4 million barrels of Iranian crude has successfully moved out of the Gulf of Oman. We are not currently able to confirm whether any of those vessels have since been interdicted,\u201d it said in an email to Reuters.<\/p>\n
The loss of Iranian supply adds to\u00a0wider market tightness\u00a0as the war has effectively closed the\u00a0Strait\u00a0of Hormuz, curtailing oil exports from Saudi Arabia, the UAE, Kuwait and Iraq and sending prices higher, something the U.S. has sought to avoid.<\/p>\n
Last month, the U.S. granted Tehran an unexpected temporary sanctions waiver on energy exports to allow prices to cool.<\/p>\n
Benchmark Brent crude oil futures\u00a0LCOc1\u00a0have jumped by about $50 a barrel since the Iran war began on February 28, raising prices of gasoline, diesel and jet fuel.<\/p>\n
The International Energy Agency has called it the\u00a0world\u2019s largest oil output disruption.<\/p>\n
NO TANKERS EXITED GULF SINCE BLOCKADE \u2013 KPLER<\/p>\n
Analysts at Kpler said they had not observed any Iranian crude tankers exiting the Gulf of Oman since the blockade began.<\/p>\n
U.S. authorities said on Wednesday their blockade was denying Tehran of much-needed revenue from crude exports.<\/p>\n
\u201cRight now there are 41 tankers with 69 million barrels of oil that Iranian regime can\u2019t sell,\u201d\u00a0U.S. Central Command (CENTCOM) said\u00a0on Wednesday.<\/p>\n
Iran\u2019s currency, the rial,\u00a0fell\u00a0to a record low against the U.S. dollar on Wednesday, highlighting the financial difficulties that face the oil-reliant economy.<\/p>\n
Despite the pressure, Iran is still loading crude at its main export hub on Kharg Island, maritime intelligence firm TankerTrackers said.<\/p>\n
Satellite imagery shows at least 10 tankers parked off Iran\u2019s Chah Bahar port on the Gulf of Oman, it added.<\/p>\n
Iran pumped about 3.24 million bpd of crude in February, around half for domestic refining.<\/p>\n
Yet, the country may be forced to start cutting output within a week or two, said Kpler analyst Johannes Rauball, with storage scant.<\/p>\n
Onshore storage is about 60% full, Kpler said, with stocks above 50 million barrels, and capacity at 86 million barrels.<\/p>\n
Capacity constraints could force Iran to curb production in mid-June, consultancy FGE NextantECA\u00a0estimated\u00a0on April 15.<\/p>\n