Iran mobilises tanker shipping network to tackle unsold oil glut
[LONDON] Iran is quietly mobilising more ships to store and transport oil, aiming to keep its fields working and mitigate losses of several billion dollars a month from sanctions which remain in place for at least another six months, trade sources familiar with the matter say.
While a deal to curb Teheran's nuclear programme was reached on Sunday with six world powers in exchange for limited sanctions relief in other areas, oil market officials say Iran will not be able to ramp up exports quickly.
"Even if they relax these regulations, it is not going to result in a massive increase in Iran's oil exports. It is a short-term alleviation and it is no more than that," said Mehdi Varzi, a former official at the state-run National Iranian Oil Co.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
EV automakers get reprieve in US tax credit rules
Abu Dhabi hub carrier Etihad adds banks to US$1 billion IPO
Luminar to cut nearly 20% jobs as part of restructuring
Chinese share of French EV market slumps after incentives curbed
Ferrari unveils US$423,000 sports car with 1960s bloodline
Airbus called for compensation to take on money-losing Spirit operations: sources