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The market for moving oil across the world’s oceans is currently so bad that owners of the industry’s biggest supertankers are actually subsidizing the delivery of cargoes.We are probably never going to experience a demand increase similar to what we are likely to see over the next nine months for tankers,” said Eirik Haavaldsen, a shipping analyst at Pareto Securities AS in Oslo
Iran detained two British oil tankers traveling through the Strait of Hormuz on Friday, worsening tensions with London and Washington. Naval forces from Iran’s Islamic Revolutionary Guard Corps detained and sent the British-flagged tanker Stena Impero to Iranian shores for legal procedures. The tanker was seized on the claims of not following international maritime regulations while transiting the strait. The British Government has cautioned of a “considered and robust” response.
Iran has made it very clear that nothing will stop the nation to export its oil. Foreign Minister of Iran, Mohammad Javad Zarif told its British counterpart that "Iran will continue its oil exports under any conditions". He has also appealed to Britain for releasing the Grace 1 oil tanker. This tanker was seized last week by the British Royal Marines.
One of the BP-run oil tankers is sheltering inside the Persian Gulf amidst fears of Iranian retaliation to the arrest in Gibraltar last week. The British Royal Marines seized a vessel hauling the Islamic Republic’s crude. BP-chartered British Heritage was on its due course towards Basrah terminal when it made an unexpected turn on July 6. BP is thought to be concerned about becoming a target of Iranian retaliation.
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.