The U.S. revocation of temporary waivers allowing the sale of the Islamic Republic’s oil has left tens of millions of barrels already loaded onto tankers stranded in limbo, throwing the outlook for Iranian oil exports into fresh uncertainty.
According to Bloomberg calculations based on Vortexa data, approximately 63 million barrels of the Islamic Republic’s oil are currently floating on tankers in the Persian Gulf and Asian waters. Some of these tankers have not declared a final destination, while the status of others indicates that confirmed buyers have yet to be found for their cargoes.
The U.S. waiver, which had been issued under a temporary memorandum of understanding between Tehran and Washington, allowed the Islamic Republic to sell its oil for 60 days without exposing buyers to American sanctions. However, Washington revoked the waiver following recent attacks on commercial vessels in the Strait of Hormuz.
Following this decision, the sale of loaded cargoes has run into new obstacles. European Union and United Kingdom restrictions remain firmly in place, the process of insuring tankers has grown more complex, and some ports may refuse to accept vessels associated with the so-called “shadow fleet.”
