More Bullish OIL NEWs "Sanctions on IRAN officially take
More Bullish OIL NEWs "Sanctions on IRAN officially take effect in 50 days Pres. Trump already has managed to crush Iran’s oil exports, plunging ~35% to 1.6M bbl/day from 2.5M just since April.
•Oil accounts for nearly 80% of Iran’s tax revenue, making it the country’s economic lifeblood, and as oil exports have plunged, Iran’s rial currency has plummeted 60% on the unofficial market, pushing up inflation.
•With early indications that European nations and Japan soon will stop buying Iranian crude altogether, analysts say the country’s exports easily could drop by another 350K bbl/day by November to 1.3M; South Korea, a major importer of Iranian crude in the past, has not shipped any oil from Iran for 75 days.
•Iran is not just losing customers for its crude, as under earlier sanctions, but also for condensate; total Iranian exports of condensate fell 40% in the first half of September from April to 175K bbl/day.
•Iran has tried to offset some of the impact by offering China and India to ship crude using its own tankers at no extra cost, effectively offering a small discount, but in the first two weeks of September, India loaded just 240K bbl/day of Iranian oil, less than half the usual amount.
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