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Looming US sanctions is now constraining Iran to store their oil into supertankers. No less than five full crude tankers have moored off the Iranian coast over the past couple of weeks. The Persian country had employed this strategy when the Obama Administration had forced sanctions on its trade. Iran’s biggest buyers including France, South Korea and others have already started to cut off oil import sharply.
According to an agreement between Abu Dhabi National Oil Company (ADNOC) and Indian Strategic Petroleum Reserves Ltd. (ISPRL), the first cargo of crude oil from ADNOC has been loaded for Mangalore Strategic Crude Oil Reserve. According to Indian officials, this project will provide a boost to India’s energy security and help them deal with supply side disruptions.