US lifts sanctions for 60 days, Iran moves large quantity of crude oil
New Delhi, June 23: With the US waiving Iran sanctions for 60 days, more than 30 vessels carrying crude oil from the Persian nation are headed for Asia, marking good news in the context of global energy supplies.
These vessels are reportedly carrying more than 50 million barrels of crude oil.
India may be among their destinations, but there is no clarity yet in this regard.
The free movement of Iranian crude oil started after the US waived its sanctions for 60 days last night, a day after there was an agreement between the two countries to discuss their nagging issues.
“Strait of Hormuz crossings rebounded sharply over 19th-21st June, with 71 confirmed transits and a weekend peak of 35 on 20th June, supported by the blockade lift and renewed free-passage signals,” said Kpler, the tanker tracker.
Accoding to maritime intelligence company TankerTrackers, Iran has shipped about 36 million barrels of crude oil since June15, a day after US President Donald Trump and his Iranian counterpart Masoud Pezeshkian signed a peace deal.
The volumes are still below the levels that existed before the war began on February 28 with the US and Israel launching joint attacks on Iran.
It is projected that roughly 150 million barrels of crude will soon reach other nations despite the fragile cease-fire deal between the United States and Iran.
More than 30 million barrels from the Kharg Islands, which is Iran’s biggest export terminal blockaded by the US, reportedly departed for Asia in the last week.
Iran has been able to transport roughly 20 million barrels of its crude on tanker vessels that were anchored off the port of Chabahar, close to the country’s border with Pakistan.
Temporary Waiver of Sanctions
Last night, the US Treasury Department approved “all transactions” previously forbidden by sanctions involving the production, sale, transportation, and delivery of Iranian-origin crude oil and related petroleum commodities until 12:01 am Eastern Daylight Time on 21st August.
“In line with the ongoing productive talks in Switzerland, Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country. As part of the framework, Treasury has issued a temporary 60-day general license authorising the production, delivery and sale of Iranian oil,” Treasury Secretary Scott Bessent stated.
The temporary waiver is linked to the progress that the US and Iran make in their technical talks to be held over the next two months towards establishing a comprehensive peace framework.
Crude oil, petrochemical goods and petroleum products of Iranian provenance are all covered by the waiver, which facilitates the import of Iranian oil into the United States but does not enable transactions involving North Korea, Cuba or Ukrainian territories taken over by Russia. (BVI)
