The US decision not to renew waivers permitting limited imports of Iranian crude has undeniably had a major impact. Waivers expired on 2 May and it’s clear that loadings have been dramatically curtailed.

While volumes may well pick up again in the coming months as Iran and its buyers work out how to circumvent US restrictions, that cannot be guaranteed. In the meantime, rival suppliers are looking to capitalize. (CONTINUED - 896 WORDS)