Updated
Updated · Bloomberg · Aug 21Iranian Oil Available to China Shrinks to 2 Cargoes as US Blockade Chokes Supply
3 articles · Updated · Bloomberg · Aug 21Summary
- Only two supertanker cargoes of Iranian crude remain unsold near Singapore, leaving Chinese refiners with rapidly dwindling readily available supply.
- About 40 million barrels are sitting on vessels in the Singapore ship-to-ship transfer zone, but Kpler said roughly 90% has already been sold.
- The tightening availability points to the effectiveness of the US blockade of Iranian ports, which is aimed at choking off revenue to Tehran.
- For Chinese buyers, the squeeze hits a key offshore pool of Iranian crude that has helped feed refiners despite sanctions pressure.
Insights
How will the sudden squeeze on Iranian crude reshape the dangerous grey-zone oil transfers near Singapore? As US blockades tighten, will China's pivot to alternative crude permanently dismantle Iran's shadow oil economy?