Tuesday, 02 January 2024 12:17 GMT

Iran Moves 9M Barrels from Gulf Storage as U.S. Naval Blockade Bites


(MENAFN) Iran has offloaded roughly 9 million barrels of crude oil from floating storage in the Gulf of Oman since a U.S. naval blockade came into force on April 13 at 1400 GMT, vessel-monitoring service TankerTrackers reported.

An additional 2 million barrels departed the day prior — on April 12 — just hours before the restrictions took effect, according to tracker data.

The blockade, imposed following the breakdown of diplomatic talks with Tehran, is designed to cut off maritime traffic to and from Iranian ports. Its impact has been swift and visible: multiple vessels have reversed course, traffic through the Strait of Hormuz has thinned sharply, and traders and shipowners are closely monitoring whether Iran can sustain export flows through alternative corridors, offshore storage facilities, or shadow-fleet transfers.

At stake are roughly 2 million barrels per day of Iranian crude exports — the bulk of which are destined for China — elevating the standoff's consequences for both Tehran and international energy markets.

The enforcement picture, however, remains uneven. Two U.S.-sanctioned supertankers entered the Gulf this week in apparent defiance of the blockade, even as other vessels were reported to have turned back after approaching or crossing Hormuz — illustrating the fluid and still-developing nature of the operation on the water.

In the 24 hours leading up to 0900 GMT Thursday, at least 11 vessels transited the Strait of Hormuz, according to shipping data compiled by media.

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