US sanctions on Iranian oil tankers are causing a logjam of Iranian oil in floating storage offshore Southeast Asia, as Chinese buyers become wary of taking delivery on sanctioned vessels.
Iran ’s oil is increasingly finding its way into floating storage offshore Southeast Asia instead of at customers as a recent raft of U.S. sanctions on tankers shipping Iran ian oil has made Chinese buyers more careful. The volumes of Iran ian oil stored on tankers at sea, predominantly offshore Malaysia’s eastern coasts, have swelled to their highest levels since the end of July, per data from Kpler cited by Bloomberg. As of December 15, a total of 16.
sanctions on Iran “include measures against the “Ghost Fleet” that carries Iran’s illicit oil to buyers around the world,” National Security Advisor Jake Sullivan said. Early this month, the United States imposed sanctions on 35 entities and vessels that have transported Iranian oil, and then this week, the Treasury slapped sanctions on four entities and three vessels involved in the trade of Iranian petroleum and petrochemicals.
Oil Sanctions United States China Tankers Storage Southeast Asia Exports Refineries
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