Iran parks millions of oil barrels on tankers

By REUTERS
April 24, 2013 18:56

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Iran is storing millions of barrels of oil on tankers in its territorial waters as Tehran struggles with tougher Western sanctions on its vital seaborne export trade, ship industry sources say.

Iran's oil revenues have fallen by about 50 percent since tough EU and US measures were imposed last year, hurting business and cutting living standards for ordinary Iranians.

"There is no doubt there are more Iranian tankers being used for floating storage at the moment on their side of the Gulf and the feeling is this is expected to rise," said a European ship industry source with knowledge of tanker movements.

"The embargo is hurting and there has been talk of attempts by Iran to unload oil cargoes at distressed prices."

Related Content

Breaking news
August 19, 2018
BREAKING: Drive-by Shooting in Tel Aviv

By JERUSALEM POST STAFF