U.S. Sanctions against Iran to Drive Tanker Rate Increases

November 5, 2018

The sanctions will be imposed on entities, vessels and individuals, the ultimate aim being “to compel Iran to permanently abandon its well-documented outlaw activities,” Secretary of State Mike Pompeo said.

By exerting pressure on Iran, the U.S. expects the country’s oil exports will plummet slashing Iran’s oil revenue. Pompeo estimates that since Trump pulled out of of the nuclear deal in May Iranian crude oil exports were reduced by more than 1 million barrels, three to five times more than what was projected initially.

Read More on World Maritime News