Tag: Iran

According to JPMorgan, oil prices could increase this winter, due to the US sanctions on Iran. Namely, JPMorgan expects the price of a barrel of oil to increase from $60 to $85 a barrel in the next six months, while a 'pike' to $90 is also on the table. These sanctions will become effective on November 4.

OPEC received about $567 billion in net oil export revenues in 2017, an increase of 29% from revenues in 2016. Increases in both crude oil prices and in net OPEC oil exports increased revenues in 2017, and EIA expects that revenues will continue to increase in 2018, according to EIA’s August Short-Term Energy Outlook.

Iran will react with equal countermeasures if Washington tries to block its oil exports, Reuters reported in July. In response, US has recently said it is full prepared to keep regional commerce flowing through the Arabian Gulf  and committed to ensuring the safety of the region.

West of England P&I Club outlined the potential impacts for shipowners and insurers that will arise from the US’s decision to withdraw from the Joint Comprehensive Plan of Action agreement signed by China, France, Germany, Russia, the United Kingdom, the United States, the European Union (EU) and Iran.

Following the US decision to withdraw from the JCPOA with Iran, President Trump issued an Executive Order on 6 August 2018, which essentially re-imposes the secondary sanctions against Iran. These sanctions were contained in the EOs revoked when the JCPOA was implemented in January 2016. 

As Human Rights at Sea informed seventeen seafarers were abandoned on the island of Kish by their respective shipping companies with salaries of almost two years and their identification papers confiscated. The allegations include food-poisoning, limited access to clean water and denial of medical treatments.

French shipping major CMA CGM has decided to pull out of Iran following the US government's decision to renew sanctions on companies operating in the country, according to an official announcement by the company's chief executive, during an economic conference in south France, on Saturday.

As a response to the US re-imposition of sanctions against Iran, the EU intends to amend its Blocking Regulation (Regulation (EC) 2271/06) to protect EU companies from the extraterritorial effects of US secondary sanctions against Iran, the Standard P&I Club informed.

German shipping line Hapag-Lloyd, the world’s fifth largest container company, has stopped one of two feeder services to Iran and will decide on the remaining one before a November 4 deadline imposed by the United States, which has recently reimposed sanctions on Tehran.

Just four months after the fatal collision and explosion of the Iranian oil tanker 'Sanchi' off Shanghai, China, Iran and Panama have signed an investigation report on the accident, the Chinese Ministry of Transport informed. However, the parties seem to disagree regarding the exact cause of the disaster.