Sanctions put choker on Iran oil exports
Financial Times / Javier Blas
14-Sep-2010 (4 comments)

Iran faces mounting difficulties selling its crude oil with tighter sanctions depriving the country of essential shipping and banking services.

Tehran’s problems have worsened after the US and the European Union imposed their own wide-ranging sanctions in July, going far beyond the restrictions contained in earlier UN resolutions. Although the measures, implemented because of Tehran’s nuclear ambitions, did not focus on the oil exports that drive Iran’s economy, traders said they were having an effect.

Iran is the world’s fourth-largest oil exporter, with Japan, China, India and South Korea its largest clients. Italy and Spain are the top European buyers. The US has not bought crude oil from Tehran since the Islamic revolution of 1979.

The difficulties have yet to cause a fall in Iran’s oil exports but traders warn of a reduction in the next few months if the problems are not solved.

The International Energy Agency, the western countries’ oil watchdog, said last week that Iran might have to resort to storing oil at sea in tankers “as new sanctions have the unintended consequence of squeezing crude buyers”.

Traders and oil company officials said European and Middle Eastern banks have all but stopped issuing letters of credit – an instrument used in trade – with Iranian financial institutions. This makes it very difficult to transact payments for oil sales. Shipping companies are also refusing to send tankers to Iranian... >>>

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Come on Amir Jaan

by Onlyiran on

you know that IRI goons don't like those pesky "numbers" and "statistics".  They like hoopla, "arbadeh keshi", "sineh zani", "laat baazi", threats and name calling.

As the great Imam Khomeini once said: "eghtesaad maal-e khar ast".   


Sarbaz Sefr can you READ

by IranFirst on

If yes, read the article. I am sorry it is difficult for you to understand.


AMIR1973, thank you for pointing out the data to the illitrate Sarbaz Sefr



by AMIR1973 on

Phony Sargord, the IRI currently produces 3.8-3.9 million barrels per day. Compare that to Iran's 6.6 million barrels per day in 1976. Bravo, Rapist Regime. Cheers  :-)

Sargord Pirouz

Hey anti-IranFirst

by Sargord Pirouz on

Money quote: 

"The difficulties have yet to cause a fall in Iran’s oil exports"