In three months’ time, U.S. sanctions on Iran are due to enter into force that could drive the Persian Gulf nation’s exports down toward zero and upend the global oil market. There are already signs that it will be harder for the country to export, as some international insurers stop covering shipments. The U.S. measures require buyers to cut purchases or run the risk of their banks being excluded from the American financial system. If they do scale back, then there’s a risk of spiraling crude prices.
A summary of the main Iranian oil importers’ reactions and positions is set out below. Observed flows and exports are from tanker tracking data compiled by Bloomberg. To calculate what that equates to as a share of each country’s overall purchases, import data from the Riyadh-based Joint Organisations Data Initiative were used. READ MORE
