Iran oil blockages risk military escalation
Monday, October 28, 2019
Significance
US-imposed sanctions have slashed oil exports, which are now nearly all to China. Output remains robust but is running up against the limits of national storage.
Impacts
- Oil exports will be volatile and hard to track, as Iran seeks new means of evading sanctions.
- Oil production may have to be cut further within a few months due to the filling of storage.
- In the case of an agreement with Washington, bounceback of production and exports could be swift.
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