Iran is moving quickly to clear a backlog of crude cargoes after Washington lifted its naval blockade and granted a 60-day sanctions waiver allowing oil exports while nuclear negotiations continue. Laden tankers that had been anchored near Chabahar Port on the Gulf of Oman have begun heading to Asia in recent days, while loadings at Kharg Island, Iran’s main oil terminal, are recovering after the severe disruption caused by the blockade (MEES, 22 May).
Kharg loadings have averaged more than 600,000 b/d so far this month, up from a six-year low of 295,000 b/d in May. The recovery began a few days before last week’s US-Iran MoU was signed (MEES, 19 June), but exports remain far below their March average of 1.62mn b/d, before the US imposed its blockade. The recovery is expected to continue as more Iran-linked vessels previously anchored near Pakistan and Sri Lanka move into the Gulf. (CONTINUED - 536 WORDS)
