Iranian oil exports are seeking to build momentum after Washington temporarily eased restrictions, giving Tehran a 60-day window to find buyers and bring in badly needed revenue.
More than 20 million barrels of Iranian crude have been waiting in Asian waters for at least seven days, an increase of nearly 18 percent from a week earlier, according to a report by Bloomberg.
Estimates of Iran’s total oil on water - including cargoes in transit and those sitting at sea - have ranged from 58 million to 68 million barrels since the US sanctions waiver took effect last week, according to data from Vortexa and Bloomberg calculations.
More than 90 percent of those cargoes have no confirmed destination. Many vessels are listing “for orders” or Singapore as their next port of call, which can indicate possible ship-to-ship transfers in the Malacca Strait.
The temporary sanctions relief, agreed as part of an interim peace deal, gives Tehran until mid-August to secure buyers after the US lifted sanctions on the oil in June and ended its blockade of Iranian ports.
A successful sales push would strengthen Iran’s economic position and give Tehran more space in negotiations with Washington.
Iran said on Wednesday that it had shipped more than 40 million barrels of oil since the US lifted its naval blockade.
Middle East Eye ISSN 2634-2456