The Wall Street Journal reports that the US naval blockade has completely halted Iranian crude oil exports from the Persian Gulf since mid-July. The floating stockpile on tankers outside the Gulf has dropped from 90 million to 29 million barrels and may be exhausted by mid-October, while Chinese buyers are reportedly seeking alternative supplies and payments for delivered cargoes could dry up by December.
The Wall Street Journal reported Tuesday that the U.S. naval blockade, renewed in mid-July, has effectively shut down Iranian crude oil exports from the Persian Gulf. Citing satellite imagery and ship-tracking data, the paper noted that no crude shipments have departed Iranian waters since the blockade's reinstatement.
The floating oil stockpile on tankers waiting off the Gulf has declined from approximately 90 million barrels to 29 million barrels. At current rates, the remaining reserves could be fully depleted by mid-October. The report also highlighted that Chinese customers, traditionally the largest buyers of Iranian crude, are actively seeking alternative suppliers, and payments for cargoes already delivered could cease entirely by December.
This report is the latest in a series by The Zioneer documenting the blockade's impact. Earlier this summer, the Financial Times reported a complete halt of oil loading at Iran's Kharg Island terminal. Bloomberg cited 63 million barrels stranded on tankers without clear destinations in July. Last month, Iranian President Masoud Pezeshkian acknowledged that the blockade had prevented gasoline imports, stating the government lacked the foreign currency to purchase fuel.
The economic pressure on Iran intensifies as the regime's primary revenue source is cut off, with potential implications for its ability to fund regional proxies and military programs.
2 developments
- DevelopingBloomberg: 63 million barrels of Iranian oil stranded on tankers after US cancels waiver
- DevelopingReport: Iran exported over 80 million barrels of oil in 26 days before US reimposed blockade
- StrongTankerTrackers: Iran exported 40 million barrels of crude since June 15, half shipped Friday
- DevelopingTanker Trackers data shows Iran's crude oil exports completely halted since Strait of Hormuz closure
Source and signal
- Open-source intake